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crypto.news 2025-02-12 07:01:02

Nearly 30% of central banks delay CBDC plans, survey shows

Nearly 30% of central banks delay CBDC plans, survey shows

Nearly a third of central banks have delayed CBDC rollouts, but 75% still plan to issue one, a survey finds. A new survey from the Official Monetary and Financial Institutions Forum and Giesecke+Devrient shows that 67% of central banks haven’t changed their stance on CBDCs , even as nearly 30% have pushed back their timelines. But some hesitation is growing as15% are now less inclined to issue one, up from 0% in 2022, Reuters notes . The survey highlights a “clear hesitancy around the subject,” adding that “very few (central banks) have so far taken the decision to issue, despite a great deal of exploratory work.” Privacy remains a big concern. Critics argue that CBDCs could let governments keep tabs on transactions. Pushback grew after President Donald Trump banned work on a digital dollar in January. Then on Feb. 11, Fed Chair Jerome Powell doubled down , confirming there won’t be a CBDC as long as he’s in charge. Yet, for those still pushing ahead, “preserving central bank monetary sovereignty” is a key motivation, the report reads. “CBDCs hold significant potential for advancing the digital economy. By offering a public infrastructure, central banks can pave the way for innovative financial products and services, while reducing fragmentation in the financial system.” G+D Currency Technology chief executive Wolfram Seidemann You might also like: Retail CBDCs fail to address real consumer needs, survey shows Adoption, however, remains an issue. In places like Jamaica, Nigeria, and China, CBDCs have struggled to gain traction. The survey found that for 55% of emerging market central banks, low user adoption is the biggest concern. Back in September 2024, the U.S.-based Atlantic Council think tank reported that 134 countries were looking into CBDCs in some way, up from just 35 in May 2020. More than 65 countries, including India, Australia, and Brazil, are in the later stages, whether developing, testing, or already rolling them out. Every G20 nation is now exploring a CBDC, and 19 are in advanced stages, according to the report. Read more: Mastercard: Central banks will likely lean away from issuing retail CBDCs

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