About 35 percent of the banks saw CBDCs as an important way to improve cross-border payments
According to a new report, the central bank digital currency (CBDC), which is used for cross-border payments, is being developed in many countries and aims at direct inclusion both for the people it serves and the central bank in the national economy.
On 8 December, The Digital Money Institute (DMI) released its third Future of Payments report for the year. The DMI is a part of the Official Monetary and Financial Institutions Forum think tank. This was the first report of its kind, as it also included a survey of central banks.
The report was sponsored by the crypto exchange Binance, along with many payments companies that also penned sections of the report that supplemented DMI's findings.
According to the DMI survey, the CBDC development is "gaining momentum," with two-thirds of central banks expected to have CBDCs within the next ten years. However, another 12 percent of the central banks officials said they were not expecting to issue CBDCs at all.
According to the report, "Aid cross-border payments" was chosen by none of the banks as their objective. Regardless, about 35 percent of the banks saw CBDCs as an important way to improve cross-border payments.