48% of Central Banks Plan to Issue CBDC Within 5 Years

Think tank OMFIF has conducted its latest survey on central bank digital cy (CBDC), finding that almost three quarters (72%) of central banks surveyed intend to issue a CBDC. Most of them (48% of respondents) plan to issue within five years, including 12% within the next two years. All the near term issuances will be in emerging market economies. 

The survey rarely differentiated between retail CBDCs that target consumers, versus wholesale CBDC aimed only at institutions. The work involved in issuing a wholesale CBDC is considerably less because it’s not a major step change – banks already have central bank reserves, this is simply a version with new technology.

Last year’s survey by the BIS survey showed a decline in interest in retail CBDCs. While OMFIF’s survey showed more central banks (15%) are dropping CBDC plans, it didn’t split the figure by CBDC type. Around a third of central banks have delayed their timelines. This is the only area where the figures were separated. Only 21% of wholesale CBDC projects have suffered delays, compared to 36% of retail projects.