PwC research indicates that more than 80% of central banks around the world are interested in launching a Central Bank Digital Currency (CBDC), which the Nigerian apex bank had already launched with the eNaira.
In its second annual Global CBDC Index report, released on April 4, the World Bank measured how mature each central bank was in its implementation of digital currencies. For the first time, a stablecoin overview was included in the report.
“Over 80% of central banks are considering launching a CBDC or have already initiated one,” stated Haydn Jones, Blockchain and Crypto Specialist at PwC U.K.
- Both retail CBDCs issued to the general public, as well as wholesale CBDCs held by financial institutions are ranked out of 100 in the report.
- In comparison to wholesale CBDCs, retail CBDCs have reached a higher level of maturity.
- The Nigerian “eNaira”, for example, received a score of 95, making it the most developed product in both retail and wholesale.
- Another notable country in the retail category was the Bahamas, which launched the Sand Dollar as the first CBDC ever. Thailand made the list for its development and testing of a CBDC announced last August, and Jamaica plans to launch its Jam-Dex this year.
- The joint mBridge project between Thailand and Hong Kong ranked top in the wholesale category. France and Singapore also scored well for their further exploration of CBDC projects.
Jones also commented on how prepared central banks around the world are. His comments include:
“The maturity of CBDCs varies among countries, and each country’s motivation varies. Facilitating cross-border payments, increasing financial inclusion, and fighting financial crime are all factors to consider. We anticipate CBDC testing, research, and implementation will intensify in 2022.”
The report summarized the top ten USD-pegged stablecoins by market valuation, took a look at how they function, and explained where they get their backing from.
In the report, stablecoins were described as an “integral part of the crypto ecosystem” and any fund or institution engaged in Bitcoin operations would not be able to function without stablecoins.