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According to a recent analysis by <a href="http://According to a recent analysis by Juniper Research, a leading digital market research firm, transactions using central bank digital currencies (CBDCs) are expected to rise over the next decade. According to the analysis, CBDC transactions may increase from 307 million in 2024 to a striking 7.8 billion by 2031, indicating a growth rate of almost 2,400%." rel="nofollow" target="_blank">Juniper</a> Research, a leading digital market research firm, transactions using central bank digital currencies (CBDCs) are expected to rise over the next decade. As per the analysis, CBDC transactions may increase from 307 million in 2024 to a striking 7.8 billion by 2031, indicating a growth rate of almost 2,400%. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-24972" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/22ccc.jpg" alt="22ccc" width="728" height="90" title="CBDCs Set to Transform Payments with Explosive 2,400% Growth 60"> 
<h2 id="134-countries-now-exploring-digital-currency-projects-up-from-35-in-2020">134 Countries Now Exploring Digital Currency Projects, Up from 35 in 2020</h2> 
Currently, 134 countries and currency unions, making up 98% of the world’s economy, are actively researching or moving forward with their CBDC plans. This represents a huge jump from the 35 countries that stood out in May 2020. Of these, 66 countries are already well underway, with some in testing phases or having already introduced CBDCs. 
<h2 id="europe-focuses-on-wholesale-cbdcs-to-simplify-cross-border-transactions">Europe Focuses on Wholesale CBDCs to Simplify Cross-Border Transactions</h2> 
The notable CBDC pilot projects are China’s digital yuan and the European Union’s digital euro. Many European countries are exploring mainly “wholesale” CBDCs. This is because wholesale CBDCs are aimed at streamlining transactions within and between countries. They focus on large-scale transactions that banks and businesses conduct. In contrast, “retail” CBDCs are specially meant for individual consumers or retailers. 
Juniper’s research shows that both forms of CBDCs- wholesale and retail CBDCs- could have a huge impact, with their adoption likely to simplify and cut the costs of payments on a global scale. 
<h2 id="bank-for-international-settlements-urges-cbdc-standardization-for-global-use">Bank for International Settlements Urges CBDC Standardization for Global Use</h2> 
One of the main challenges in adopting CBDCs, as per Juniper’s study, is the interoperability, or the ability of different CBDCs to work together seamlessly across borders. To make CBDCs an internationally accepted mode of payment, the countries need to come together and work on a common consensus or system for these digital currencies to interact with each other. This will avoid the fragmented structure that exists in the market today, where digital currencies can only function within specific countries or regions. Without shared systems, there’s a risk of creating separate “digital islands” that could reduce the benefits of digital currencies in global trade. 
The report also highlights the importance of collaboration among CBDC developers. It encourages support from the Bank for International Settlements (BIS), which has started several projects to set global standards. By working together, countries can create the required infrastructure for CBDCs. This collaboration is essential for making CBDCs a true global payment solution. 
<img loading="lazy" decoding="async" class="size-full wp-image-26186 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/DALL·E-2024-10-29-14.42.16-A-modern-European-financial-landscape-showing-the-focus-on-wholesale-central-bank-digital-currencies-CBDCs-for-cross-border-transactions.-Display-ke.webp" alt="CBDCs-for-cross-border" width="1792" height="1024" title="CBDCs Set to Transform Payments with Explosive 2,400% Growth 62" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/DALL·E-2024-10-29-14.42.16-A-modern-European-financial-landscape-showing-the-focus-on-wholesale-central-bank-digital-currencies-CBDCs-for-cross-border-transactions.-Display-ke.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/DALL·E-2024-10-29-14.42.16-A-modern-European-financial-landscape-showing-the-focus-on-wholesale-central-bank-digital-currencies-CBDCs-for-cross-border-transactions.-Display-ke-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/DALL·E-2024-10-29-14.42.16-A-modern-European-financial-landscape-showing-the-focus-on-wholesale-central-bank-digital-currencies-CBDCs-for-cross-border-transactions.-Display-ke-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="cbdcs-could-save-45-billion-in-cross-border-payment-fees-by-2031">CBDCs Could Save $45 Billion in Cross-Border Payment Fees by 2031</h2> 
The report also points to increases in savings that CBDCs and stablecoins could bring to international payments. By replacing traditional payment systems that involve costly infrastructure along with intermediaries, CBDCs could save an estimated $45 billion in cross-border payment fees by 2031. Traditional methods for sending money across borders are often expensive, partly because they pass through multiple banks, which each add their fees. By using digital currencies, payments could move directly from sender to receiver without these extra stops, reducing costs and increasing transparency. 
<h2 id="span-data-preserver-spaces-true-current-state-of-cbdc-development-around-the-world-span">Current State of CBDC Development Around the World</h2> 
The interest in CBDCs has grown rapidly since the concept began gaining traction a few years ago. Among the 134 countries now looking into CBDCs, 66 are making fast progress, either piloting or rolling out their own digital currencies. 
 Every G20 country, which includes the world’s largest economies, is part of this global shift toward digital currencies. There are currently 44 active CBDC pilots, with China and Europe leading the way. China’s digital yuan, one of the most advanced CBDC projects, is already widely tested within China, with plans for broader adoption. Similarly, Europe’s digital euro is undergoing various testing stages to assess its use in everyday transactions, as well as larger financial transfers within and between European countries. 
As digital currency adoption increases widely, consumers and businesses alike could see easier, faster, and cheaper payment options. 
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CBDCs Set to Transform Payments with Explosive 2,400% Growth

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