{"id":3202,"date":"2023-12-27T07:58:04","date_gmt":"2023-12-27T07:58:04","guid":{"rendered":"https:\/\/ethereumcode.io\/2028-central-banks-cbdcs-study-predicts\/"},"modified":"2023-12-27T07:58:04","modified_gmt":"2023-12-27T07:58:04","slug":"2028-central-banks-cbdcs-study-predicts","status":"publish","type":"post","link":"https:\/\/ethereumcode.io\/2028-central-banks-cbdcs-study-predicts\/","title":{"rendered":"By 2028, Study Predicts 41% of Central Banks Will Operate with CBDCs"},"content":{"rendered":"
Based on a research by the Official Monetary and Financial Institutions Forum (OMFIF), it appears that around 41% of central banks are likely to issue an operational central bank digital currency (CBDC) before the end of 2028. This increase in interest towards CBDCs has seen an upswing during the last year with nearly 30% of respondents expressing a change in sentiment. <\/p>\n
From the OMFIF study, while around 41% of central banks anticipate having an operational CBDC by 2028, basically 70% believe they will have one within the course of a decade. Still, there were 17% of those who participated in the study who completely dismissed the idea of launching a CBDC.<\/p>\n
The study indicates a shift in attitude towards CBDCs becoming more positive. This is evidenced by the 30% of respondents who have become more open to the issuance of a digital currency over the past year. This shift in response could suggest that the groundwork and feasibility studies conducted by these central banks are starting to pay off.<\/p>\n
Weighing in on the divide among the central banks’ rationale for issuing CBDCs, the OMFIF report notes:<\/p>\n
\nEmerging market respondents mostly cite an improvement in financial inclusion as the driving force, whereas development market central banks view it as more of a protective measure to assert their monetary sovereignty.<\/p>\n<\/blockquote>\n
Only a…faction of the respondents identified the efficiency of payment systems as their main reason for seeking to introduce CBDCs.<\/p>\n
The report further suggests that 68% of central banks from developed markets sight low adoption rates of CBDCs as a key concern. They also consider potential bank disintermediation as their second highest concern. Contrastingly, respondents from emerging markets, with only 37% viewing low adoption of CBDCs as a foremost fear. An equivalent number of central banks point towards cybersecurity as their top worry.<\/p>\n
As active CBDCs increase in number, many entities in the private sector envision know-your-client capability, wallet provision, and payment processing as essential collaboration areas. The survey also identifies that the idea of cross-border CBDC networks is gaining traction.<\/p>\n
How Our Ethereum Code Can Fit Into This Landscape<\/h2>\n