国际清算银行-拥抱多样性，共同进步——2023年国际清算银行对央行数字货币和加密货币的调查结果（英）-2024.6-39页

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BIS Papers

No 147

Embracing diversity, advancing

together – results of the 2023

BIS survey on central bank

digital currencies and crypto

by Alberto Di Iorio, Anneke Kosse and Ilaria Mattei

Monetary and Economic Department

June 2024

JEL classification: E42, E58, O33.

Keywords: central bank digital currencies, CBDC, digital

innovation, cryptoassets, stablecoins, cross-border

payments, interoperability, financial stability, regulation.

The views expressed are those of the authors and not necessarily the views of the BIS.

This publication is available on the BIS website (www.bis.org).

reproduced or translated provided the source is stated.

ISSN 1682-7651 (online)

ISBN 978-92-9259-770-2 (online)

BIS Papers No 147 1

Embracing diversity, advancing together – results of

the 2023 BIS survey on central bank digital

currencies and crypto1

Ninety-four percent of surveyed central banks are exploring a central bank digital

currency (CBDC). The survey suggests that central banks are proceeding at their own

speed, taking diverse approaches and considering different design features. Over the

course of 2023, there has been a sharp uptick in experiments and pilots with wholesale

CBDCs – mainly in advanced economies (AEs), but various emerging market and

developing economies (EMDE) also stepped up their wholesale CBDC work. Overall, the

likelihood that central banks will issue a wholesale CBDC within the next six years now

exceeds the likelihood that they will issue a retail CBDC. Central banks further enhanced

their engagement with stakeholders to inform CBDC design. Many CBDC features are

still undecided. Yet, interoperability and programmability are often considered for

wholesale CBDCs. For retail CBDCs, more than half of central banks are considering

holding limits, interoperability, offline options and zero remuneration. Differences exist

between AEs and EMDEs, for example with respect to the potential use of a distributed

ledger and transaction limits. On crypto, the survey indicates that, to date, stablecoins

are rarely used for payments outside the crypto ecosystem. Moreover, about two out of

three responding jurisdictions have or are working on a framework to regulate

stablecoins and other cryptoassets.

Introduction

This paper presents the results of the 2023 BIS survey on central bank digital

currencies (CBDCs) and crypto. A total of 86 central banks participated and shared

insights into their involvement in CBDC work, as well as their motivations and

intentions for potentially issuing one. The paper also provides insight into the use of

stablecoins for payments and regulatory approaches to cryptoassets across the globe.

CBDC is defined as a new form of digital money, denominated in the national

unit of account, that is a direct liability of the central bank (BIS (2021)). If the CBDC is

intended for use by households and firms for everyday transactions, it is referred to

as a retail CBDC. A retail CBDC differs from existing forms of cashless payment

instruments, such as credit transfers, direct debits, card payments and e-money, as it

represents a direct claim on a central bank rather than a liability of a private financial

institution. In contrast to a retail CBDC, a wholesale CBDC targets a different group

of end users. Wholesale CBDCs are meant for use in transactions between banks,

central banks and other financial institutions, so wholesale CBDCs would serve a

similar role as today’s reserves or settlement balances held at central banks. However,

wholesale CBDCs could allow financial institutions to access new functionalities

enabled by tokenisation, such as composability and programmability (BIS (2023a)).

The results presented in this paper shed light on the current status of and latest trends

1 We thank Jon Frost, Tirupam Goel and Tara Rice for their valuable comments and Amela Memetaj for

excellent research assistance. The views expressed in this paper are those of the authors and do not

necessarily reflect those of the BIS.

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BISPapersNo147Embracingdiversity,advancingtogether–resultsofthe2023BISsurveyoncentralbankdigitalcurrenciesandcryptobyAlbertoDiIorio,AnnekeKosseandIlariaMatteiMonetaryandEconomicDepartmentJune2024JELclassification:E42,E58,O33.Keywords:centralbankdigitalcurrencies,CBDC,digitalinnovation,cryptoassets,s...

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