The Bank for International Settlements published results from its 2024 survey of 93 central banks on central bank digital currencies (CBDCs), stablecoins, cryptoasset regulation and tokenisation, finding that CBDC work remained widespread and that wholesale CBDC development is, in aggregate, at more advanced stages than retail CBDC. The survey also points to CBDC exploration progressing in tandem with expanding regulation of stablecoins and other cryptoassets and with growing public and private sector activity in tokenised assets. Across respondents, 91% (85) were engaged in retail CBDC work, wholesale CBDC work or both, with advanced economy central banks most commonly working on both types (89%). In advanced economies, 38% were piloting wholesale CBDCs and 17% were developing a live wholesale CBDC, while retail CBDC efforts were predominantly at experimentation or proof-of-concept stage; across all respondents, three jurisdictions reported live retail CBDCs (The Bahamas, Jamaica and Nigeria) and no new retail CBDCs were launched in 2024. Preserving the role of central bank money amid declining cash use and rising tokenisation was a leading motivation (nearly 80% for retail CBDC work and 75% for wholesale), alongside domestic payments efficiency and safety for retail CBDCs and cross-border payments for wholesale CBDCs. Legal readiness diverged by country group: 42% of emerging market and developing economy respondents reported having legal authority to issue a retail CBDC versus 4% in advanced economies, where uncertainty and law-change efforts were more common. Outside CBDCs, stablecoin use for payments beyond the crypto ecosystem was generally reported as trivial, but was more prevalent for cross-border payments and remittances in a small number of emerging market and developing economies; 45% of jurisdictions reported enacted regulation covering stablecoins and other cryptoassets (up from 35% in 2023) and a further 22% reported frameworks under development. Tokenisation activity beyond CBDCs was reported in 48% of jurisdictions, led by bonds as the most commonly tokenised asset, and live tokenised assets were most often settled using tokenised central bank money (wholesale CBDC); commercial bank work on tokenised deposits was reported in 30% of jurisdictions, while commercial bank stablecoin issuance was reported by 8% and stablecoin use by financial market infrastructures was described as negligible.
Bank for International Settlements 2025-08-01
Bank for International Settlements survey shows 91% of central banks exploring CBDCs with wholesale projects further advanced than retail
The Bank for International Settlements' 2024 survey of 93 central banks shows widespread CBDC engagement, with wholesale development more advanced than retail. It highlights 91% involvement in CBDC projects, with advanced economies focusing on both types. Additionally, 45% of jurisdictions have enacted stablecoin and cryptoasset regulations, with tokenisation activities in 48%, primarily involving bonds.