90% OF SURVEYED CENTRAL BANKS ARE EXPLORING CBDCS — BIS

Last updated: June 19, 2025, 18:23 | Written by: Erik Voorhees

The world of finance is on the cusp of a monumental shift, and at the heart of this transformation lies the Central Bank Digital Currency (CBDC). In a paper released on Friday, the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2025 were engaged in some form of CBDC work, with 26% running pilots on CBDCs and more than 60% doing experiments or proofs-of-concept related to a digital currency. According to the BIS, the increase inImagine a digital version of your national currency, issued and backed by your central bank, promising greater efficiency, security, and financial inclusion. 据bis称，围绕cbdc的兴趣增加比起2025年的大约83%有所增加可能是由于在新冠疫情大流行中转向数字解决方案，以及稳定币和其他加密货币的增长。 bis表示：全球范围内有超过三分之二的央行认为，它们有可能在短期或中期内发行零售型cbdc。It's not just a futuristic concept anymore.A recent survey by the Bank for International Settlements (BIS) reveals that a staggering 90% of surveyed central banks are actively exploring CBDCs. 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.This isn't just idle curiosity; it's a concerted effort to understand, develop, and potentially implement these digital currencies. Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term, said the BIS.The survey, conducted between October and December 2025, encompassing 81 central banks, paints a picture of a global financial landscape poised for a digital revolution. More central banks than ever before are exploring a central bank digital currency (CBDC), according to a Bank for International Settlements (BIS) survey published Friday. Among the 86 banks thatBut what exactly does this exploration entail? Bank for International Settlements (@BIS_org) . The paper cited the emergence of several CBDCs, beginning with the launch of the Bahamian Sand Dollar in October 2025 and Nigeria s eNaira one year later as well as the development of the Eastern Caribbean DCash and China s digital yuan in 2025. According to the BIS survey, moreWhat are the potential benefits and challenges?And how will this impact the future of money as we know it?This article delves into the BIS survey findings, exploring the motivations, approaches, and potential implications of CBDCs worldwide.Get ready to uncover the future of finance, one digital currency at a time.

The Rising Tide of CBDC Exploration

The BIS survey unequivocally demonstrates the growing interest in CBDCs among central banks globally.The 90% figure represents a significant increase from previous years, fueled by various factors, including the COVID-19 pandemic and the surge in popularity of cryptocurrencies.This exploration takes many forms, ranging from preliminary research to active pilot programs.The commitment of central banks to understand the CBDC is clear with more than a quarter of them running pilots on CBDCs and more than 60% doing experiments or proofs-of-concept related to a digital currency.This section will examine the key drivers behind this surge in interest and the different stages of CBDC development currently underway.

Key Drivers Behind CBDC Interest

Several factors are converging to push central banks towards exploring CBDCs:

Financial Inclusion: CBDCs have the potential to bring financial services to the unbanked and underbanked populations, offering access to secure and affordable payment systems.
Payment Efficiency: CBDCs can streamline payment processes, reducing transaction costs and settlement times, both domestically and cross-border.
Combating Illicit Activities: By providing greater transparency and traceability, CBDCs can help combat money laundering and other illicit financial activities.
Maintaining Monetary Sovereignty: As cryptocurrencies gain traction, central banks see CBDCs as a way to maintain control over the monetary supply and ensure financial stability.
Innovation and Competition: CBDCs can foster innovation in the financial sector and promote competition among payment providers.
The COVID-19 Pandemic: The pandemic accelerated the shift towards digital payments, highlighting the need for robust and accessible digital financial infrastructure.

Stages of CBDC Development

Central banks are at various stages of CBDC development:

Research: Conducting preliminary studies to understand the technological, economic, and legal implications of CBDCs.
Experimentation and Proof-of-Concept: Building and testing prototype CBDC systems to assess their feasibility and performance.
Pilot Programs: Launching small-scale CBDC programs with limited users to evaluate real-world usage and identify potential issues.
Development: Building out full-fledged CBDC systems and preparing for potential launch.
Implementation: Officially launching and deploying a CBDC for public use.

The BIS survey indicates that while many central banks are still in the research and experimentation phases, a significant number are progressing towards pilot programs and even development.As mentioned, a quarter of banks are running active pilots.These pilots provide valuable insights into the practical challenges and opportunities associated with CBDCs.

Retail vs.Wholesale CBDCs: Two Different Paths

CBDCs are not a one-size-fits-all solution. Ninety percent of the central banks surveyed by the Bank for International Settlements are exploring the creation a central bank digital currency (CBDC).Central banks are exploring two primary types of CBDCs: retail CBDCs and wholesale CBDCs.Understanding the difference between these two types is crucial for grasping the potential impact of CBDCs on the financial system. Donald Trump touts tax cuts, taps Elon Musk SeptemChoosing the right CBDC for a nation is a difficult decision to make, and depends on that country's economical state and current banking infrastructure.

Retail CBDCs: Digital Cash for Everyone

Retail CBDCs are designed for use by the general public, serving as a digital equivalent of cash. A survey conducted by the Bank for International Settlements, or BIS, suggested that many central banks around the world are looking into rolling out a central bank digital currency, or CBDC. In a paper released on Friday, the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2025 [ ]Think of it as a digital wallet held directly with the central bank, allowing individuals to make payments, receive government benefits, and store value. Nine out of 10 central banks surveyed by the Bank for International Settlements (BIS) said that they are at least exploring a central bank digital currency (CBDC), and half are actively developingThe goal is to provide a safe, efficient, and accessible payment option for all citizens.

Example: Imagine a scenario where government stimulus checks are directly deposited into citizens' CBDC wallets, ensuring faster and more efficient distribution compared to traditional methods. Bank for International Settlements (@BIS_org) . The paper cited the emergence of several CBDCs beginning with the launch of the Bahamian Sand Dollar in October 2025 and Nigeria s eNaira one year later, as well as the development of the Eastern Caribbean DCash and China s digital yuan in 2025. According to the BIS survey, moreFurthermore, small businesses could accept CBDC payments without incurring high transaction fees, boosting their profitability.

Potential Benefits of Retail CBDCs:

Enhanced Financial Inclusion: Reaching unbanked populations and providing access to essential financial services.
Improved Payment Efficiency: Streamlining transactions and reducing costs for consumers and businesses.
Increased Transparency: Reducing the risk of illicit activities and promoting financial integrity.
Direct Monetary Policy Implementation: Enabling central banks to directly influence consumer spending through targeted incentives or disincentives.

Wholesale CBDCs: Revolutionizing Interbank Payments

Wholesale CBDCs, on the other hand, are intended for use by financial institutions for interbank payments and settlements. Thursday, OctoThese CBDCs can streamline the process of settling large-value transactions between banks, reducing settlement risk and improving efficiency.

Example: Consider a scenario where two banks need to settle a large transaction.With a wholesale CBDC, the settlement can occur instantly and securely, eliminating the need for intermediaries and reducing the risk of delays or failures.

Potential Benefits of Wholesale CBDCs:

Reduced Settlement Risk: Ensuring faster and more secure settlement of interbank transactions.
Increased Efficiency: Streamlining payment processes and reducing operational costs for financial institutions.
Enhanced Liquidity Management: Providing banks with greater control over their liquidity and facilitating more efficient allocation of capital.
Improved Cross-Border Payments: Facilitating faster and cheaper cross-border payments between financial institutions.

Most central banks are exploring both retail and wholesale CBDCs, recognizing the potential benefits of each type. 90% of surveyed central banks are exploring CBDCs BISHowever, the specific design and implementation of CBDCs will vary depending on the unique needs and priorities of each country.

Key Design Considerations for CBDCs

The design of a CBDC is crucial for its success.Central banks are grappling with several key design considerations, including:

Interoperability: Ensuring that CBDCs can seamlessly interact with existing payment systems and other CBDCs.
Privacy: Balancing the need for transparency with the protection of user privacy.
Security: Protecting CBDC systems from cyberattacks and fraud.
Accessibility: Making CBDCs accessible to all citizens, regardless of their technological literacy or access to internet.
Scalability: Ensuring that CBDC systems can handle a large volume of transactions.
Holding Limits: Central banks are considering holding limits, interoperability, offline options, and zero remuneration when designing retail CBDCs.

Addressing these design considerations is essential for building CBDCs that are secure, efficient, and user-friendly.This section explores these key design elements in more detail.

Interoperability: Connecting the Digital Currency Ecosystem

Interoperability is paramount for the widespread adoption and success of CBDCs.A CBDC that cannot seamlessly interact with existing payment systems or other CBDCs will be limited in its usefulness. Most central banks are exploring central bank digital currencies (CBDCs), and more than a quarter of them are now developing or running concrete pilots. This BIS paper updates earlier surveys that asked central banks about their engagement in this area. The latest responses from 81 central banks show that the Covid-19 pandemic and the emergence of cryptocurrencies have accelerated the work onImagine a scenario where you can only use your CBDC to pay for goods and services at a limited number of merchants. BTCUSD Bitcoin 90% of surveyed central banks are exploring CBDCs BISThis would significantly reduce its appeal and hinder its adoption.Therefore, central banks are exploring various interoperability solutions, including:

Common Standards: Establishing common standards for CBDC design and implementation.
Application Programming Interfaces (APIs): Developing APIs that allow different payment systems to communicate with each other.
Interlinking Platforms: Creating platforms that connect different CBDC systems.

Privacy: Balancing Transparency and Protection

Privacy is a major concern for many individuals when it comes to digital currencies.While CBDCs can offer greater transparency compared to cash, it is essential to strike a balance between transparency and the protection of user privacy.Central banks are exploring various privacy-enhancing technologies to achieve this balance, including:

Anonymity: Providing users with a certain level of anonymity for small transactions.
Zero-Knowledge Proofs: Using zero-knowledge proofs to verify transactions without revealing sensitive information.
Data Minimization: Collecting only the minimum amount of data necessary to process transactions.

Security: Safeguarding the Digital Currency System

Security is of utmost importance for any digital currency system.CBDCs must be protected from cyberattacks, fraud, and other security threats. A survey conducted by the Bank for International Settlements, or BIS, suggested that many central banks around the world are looking into rolling out a central bank digital currency, or CBDC.In a 90% of surveyed central banks are exploring CBDCs BISCentral banks are implementing robust security measures to safeguard CBDC systems, including:

Cryptography: Using strong encryption algorithms to protect sensitive data.
Multi-Factor Authentication: Requiring users to authenticate their identities using multiple factors.
Real-Time Monitoring: Monitoring CBDC systems in real-time to detect and prevent suspicious activities.

CBDCs and the Private Sector: A Collaborative Approach

The development and implementation of CBDCs is not solely the responsibility of central banks.The private sector also has a crucial role to play.Central banks are exploring various models for collaboration with the private sector, including:

Technology Providers: Partnering with technology companies to develop and implement CBDC systems.
Payment Service Providers: Integrating CBDCs into existing payment platforms.
Financial Institutions: Allowing banks and other financial institutions to distribute and manage CBDCs.

According to the BIS survey, more than 70% of central banks are exploring the cooperation between CBDCs and the private sector and the interoperability with existing payment systems. According to the BIS survey, more than 70% of central banks are still exploring the cooperation between CBDC and the private sector and the interoperability with existing payment systems.This collaborative approach can leverage the expertise and innovation of the private sector to build more robust and user-friendly CBDC systems.

The Role of Fintech Companies

Fintech companies are well-positioned to play a significant role in the CBDC ecosystem.These companies have the expertise and agility to develop innovative applications and services that leverage CBDCs.For example, fintech companies could develop mobile wallets that make it easy for consumers to use CBDCs or create platforms that allow businesses to accept CBDC payments.

Opportunities for Financial Institutions

Financial institutions can also benefit from CBDCs.By integrating CBDCs into their existing payment platforms, banks can offer their customers a wider range of payment options and improve the efficiency of their operations. In a paper released on Friday, the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2025 were engaged in some form of CBDC work, with 26%Furthermore, CBDCs can help banks reduce settlement risk and improve liquidity management.

Global Examples: CBDCs in Action

While CBDCs are still in their early stages of development, several countries have already launched or are piloting CBDCs.These early adopters provide valuable insights into the potential benefits and challenges of CBDCs.

The Bahamas: The Sand Dollar

The Bahamas launched the Sand Dollar in October 2025, becoming one of the first countries in the world to issue a CBDC. Gaining momentum Results of the 2025 BIS survey on central bank digital currencies1 Nine out of 10 central banks are exploring central bank digital currencies (CBDCs), and more than half are now developing them or running concrete experiments. In particular, work on retail CBDCs has moved to more advanced stages. Both Covid-19 and theThe Sand Dollar is designed to improve financial inclusion and reduce the cost of payments in the archipelago nation.The Sand Dollar is primarily used in the private sector.

Nigeria: The eNaira

Nigeria launched the eNaira in October 2026, aiming to reduce reliance on cash and improve financial inclusion. B ank of International Settlements (BIS), in its new annual economic report, cited the inclination of 90 percent of the central banks across the globe to embrace central bank digital currencyThe eNaira has faced some challenges in terms of adoption, but the Nigerian government is actively working to promote its use.

Eastern Caribbean: DCash

The Eastern Caribbean Currency Union launched DCash in 2025, a CBDC designed to facilitate cross-border payments and improve financial efficiency in the region.DCash is used between several countries in the area to perform quicker payments.

China: The Digital Yuan (e-CNY)

China is one of the most advanced countries in terms of CBDC development. 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.The country has been piloting the digital yuan (e-CNY) in several cities, with plans for a wider rollout. The BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2025 were engaged in some form of CBDC work.The e-CNY is designed to modernize the Chinese financial system and reduce reliance on cash.

These examples demonstrate that CBDCs can be tailored to the specific needs and priorities of each country.As more countries launch and pilot CBDCs, we can expect to see further innovation and refinement in the design and implementation of these digital currencies.

Challenges and Concerns Surrounding CBDCs

Despite the potential benefits of CBDCs, there are also several challenges and concerns that need to be addressed. Survey evidence from the Bank for International Settlements (BIS) shows that over 90% of central banks are exploring CBDCs (Kosse Mattei, 2025). The Federal Reserve is also exploring the implications of, and options for, introducing a CBDC. 1Some of the key challenges include:

Cybersecurity Risks: CBDC systems are vulnerable to cyberattacks, which could compromise the security of the currency.
Privacy Concerns: The potential for government surveillance and tracking of user transactions.
Disruption to the Banking System: CBDCs could potentially disintermediate banks and reduce their role in the financial system.
Technical Complexity: Developing and implementing CBDC systems requires significant technical expertise.
Adoption Challenges: Getting consumers and businesses to adopt CBDCs can be a challenge, especially in countries with a strong preference for cash.

Addressing these challenges is crucial for ensuring the successful implementation of CBDCs.

Mitigating Cybersecurity Risks

Central banks must invest heavily in cybersecurity measures to protect CBDC systems from cyberattacks.This includes implementing robust encryption algorithms, multi-factor authentication, and real-time monitoring systems.

Addressing Privacy Concerns

Central banks need to implement privacy-enhancing technologies and establish clear legal frameworks to protect user privacy.This includes limiting the amount of data collected on user transactions and providing users with control over their data.

Managing Disruption to the Banking System

Central banks need to carefully consider the potential impact of CBDCs on the banking system and take steps to mitigate any negative consequences.This could involve working with banks to integrate CBDCs into their existing operations and providing them with incentives to support the adoption of CBDCs.

The Future of Money: CBDCs and Beyond

The exploration of CBDCs represents a significant step towards the future of money.While CBDCs are not a silver bullet, they have the potential to address some of the key challenges facing the financial system, including financial inclusion, payment efficiency, and financial stability.As more central banks explore and potentially implement CBDCs, we can expect to see further innovation and transformation in the world of finance.

The Coexistence of CBDCs and Other Payment Systems

It is likely that CBDCs will coexist with other payment systems, including cash, debit cards, credit cards, and cryptocurrencies.Each payment system will have its own unique advantages and disadvantages, and consumers will be able to choose the payment method that best suits their needs.

The Evolution of the Financial System

CBDCs have the potential to reshape the financial system in profound ways.They could lead to a more efficient, transparent, and inclusive financial system that benefits all citizens.However, realizing this potential will require careful planning, collaboration, and a willingness to address the challenges and concerns associated with CBDCs.

In conclusion, the fact that 90% of surveyed central banks are exploring CBDCs, as revealed by the BIS survey, signals a clear trend towards the digitalization of money.While the journey is still in its early stages, the potential benefits of CBDCs, including enhanced financial inclusion, improved payment efficiency, and greater financial stability, are driving central banks around the world to explore this innovative technology.The key takeaways from this exploration are:

CBDCs are being explored globally, driven by various factors like financial inclusion and payment efficiency.
Retail and wholesale CBDCs offer different benefits and cater to distinct needs.
Interoperability, privacy, and security are critical design considerations.
Collaboration between central banks and the private sector is essential.
Challenges and concerns need to be addressed for successful implementation.

The future of money is undoubtedly digital, and CBDCs are poised to play a significant role in shaping that future.Now is the time to learn more about this groundbreaking technology and prepare for the changes that are coming.