recent research by Bank of International Settlement It was learned that nine out of ten central banks are working on CBDC projects, as digital currency projects are on the top priority list in the country.
The BIS report revealed that: “Globally, more than two-thirds of central banks believe they can or possibly will issue retail CBDCs in the short or medium term.
Central banks see a CBDC as being able to alleviate major pain points such as limited operating hours of the current payment system and the length of the current transaction chain.”
Israeli Central Bank on CBDC Project
Israel’s Central Bank is planning to create a digital shekel which has been in the process for a long time, but the bank has taken it as a serious action from 2021 onwards.
The Israeli public has great faith in the digital shekel project thinking that it will help the economy by reducing the use of cash and improving financial stability.
Acting on this, the Central Bank has received 33 public responses to its request, of which 17 were from fintech companies.
According to the regulator: “All responses to the public consultation indicate support for continued research with respect to various impacts on payments markets, financial and monetary stability, legal and technical issues, and more.”
Taking into account the opinion of the Respondent, the differences of opinion between the replies made by the Central Bank are noted. Where some want complete anonymity, and others say it needs to be compliant with anti-money laundering regulations.
Hence the central bank has not yet taken any decision to launch the project, instead, it is in talks with the stakeholders regarding the CBDC. But, some crypto countries like China, Russia and Nigeria have already taken steps to use CBDC projects in their respective countries.
The Nigerian Central Bank is improving its eNaira digital currency to support bill payments in the country, while China continues to test its digital yuan in several major cities in the Asian country, and has called on Russia to increase its digital ruble. has been forced. Project in the midst of economic clearance in the country.