Twenty-three leading central banks participated in an in-depth survey on their digital currency developments and requirements, including fungibility, convertibility, and availability. They also discussed the timeframe for issuing consumer-ready central bank digital currencies and divulged their greatest concerns about implementing them.
The First CBDC: When and Where
The OMFIF, the Official Monetary and Financial Institutions Forum, is an independent think tank for central banking, with a focus on economic and monetary policy, asset management and financial supervision and regulation. The organization published a 36-page report this week on retail central bank digital currencies (CBDCs), commissioned by IBM. Entitled “Retail CBDCs: The next payments frontier,” the report encompasses an “in-depth survey of officials from 23 central banks in advanced and emerging economies,” the OMFIF explained.
The central bank survey, which was conducted between July and September, “projects that the first CBDC will be produced within five years in a small economy and respond to a specific policy objective with a well-defined use. The OMFIF added that a number of central banks worldwide are seriously considering developing and issuing a consumer-ready CBDC, which is likely to require some form