Reserve Dollar

Bank

Donald Trump

President Donald Trump

The Bank for International Settlements (BIS) found that 94% of surveyed central banks are exploring Central Bank Digital Currency (CBDC). However, the BIS survey report indicates a stronger inclination among central banks to issue wholesale CBDCs rather than retail CBDCs over the next six years. 
Wholesale CBDCs are intended for transactions between banks and financial institutions, whereas retail CBDCs are designed for general public use, such as everyday purchases like coffee. 
Market participants may find relief in this preference, as there has been vocal opposition claiming retail CBDCs could represent overreach by authorities. The BIS survey, conducted from October 2023 to January 2024, involved 86 central banks. 
The report also notes that stablecoins are predominantly used within the crypto ecosystem and rarely for payments outside it. Approximately two-thirds of jurisdictions surveyed have established or are developing regulatory frameworks for stablecoins and other cryptoassets. 
Currently, stablecoins across various platforms have a combined market capitalization of nearly $162 billion, marking a $32 billion increase since the beginning of the year, according to DefiLlama. 
Regarding retail CBDCs, more than half of the central banks considering issuance are contemplating safeguards such as transaction limits, interoperability features, offline usability, and zero remuneration. 
CBDCs remain contentious, increasingly becoming a political issue, particularly in light of the upcoming U.S. presidential elections. <a href="https://www.unlock-bc.com/124487/donald-trump-bitcoin-mining-us-impact-decentralization/" class="ek-link">Recently, former U.S. President Donald Trump called for the remaining Bitcoin supply to be mined within the USA</a>, asserting Bitcoin as a bulwark against CBDCs. 
<a href="https://www.unlock-bc.com/123662/trump-vows-make-us-leader-crypto-pardon-silk-road-founder-if-re-elected/" class="ek-link">Trump, who is expected to be the Republican nominee, vowed to block the introduction of a central bank digital coin </a>if re-elected as U.S. president. However, he did not clarify how increasing Bitcoin mining supports citizens against CBDC issuance. 
Earlier this year, Rep. Tom Emmer (R-MN) disclosed notes indicating a pro-CBDC stance within the Federal Reserve. In May, the U.S. House passed legislation requiring congressional approval before the Federal Reserve can issue a CBDC. 
J. Christopher Giancarlo, former chairman of the CFTC, emphasized the need for a diverse range of assets—cryptocurrencies, CBDCs, stablecoins—to shape a robust global financial future. “The global future is all of the above: crypto, CBDCs, stablecoins, and more,” Giancarlo remarked. 
The post <a href="https://www.unlock-bc.com/124634/bis-survey-94-of-central-banks-eye-wholesale-cbdcs/">BIS Survey: 94% of Central Banks Eye Wholesale CBDCs</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

BIS Survey: 94% of Central Banks Eye Wholesale CBDCs

UNLOCK_ENG

Other articles published on Jun 15, 2024

New Cryptocurrency Releases, Listings, & Presales Today – io.net, UbitEx, GNB

Audius Empowers Artists with Decentralized Music Streaming

Shiba Inu Nears Critical Support as Whales Continue to Accumulate

Is It Time to Dump Bitcoin Following Bitfinex Whales Sell-Off? Here’s What 6 BTC Indicators Suggest

Tether CEO says USDT could emerge as Dollar Alternative

Polkadot And ICP Trending Down, As Holders Head To New 100x Altcoin To Recover Profits!

Join our free newsletter for daily crypto updates!