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97 CBDCs Exist as of July 2022, according to an IMF report.

04-Sep-2022 By: Ashish Sarswat
97 CBDCs Exist as of

Like several other international financial institutions, the International Monetary Fund (IMF) is paying the essential attention to the Blockchain sector and the idea of digital assets. 

The importance of appropriate surveillance has been highlighted by the dramatically rising rate of adoption of digital currencies. Additionally, it has highlighted the useful applications of blockchain technology in banking.

One way that international governments are attempting to use blockchain is through Central Bank Digital Currencies (CBDCs). Most nations have taken notice of the idea, and the majority are still conducting research on it. A recent update on the status of this worldwide CBDC development in various nations was given by the IMF.

97 CBDCs are being considered.

The Ascent of CBDCs is a recent paper from the IMF. The publication offers details about the organization's CBDC research. In September, the magazine provides an update on the state of CBDCs globally.

According to the IMF report, as of July 2022, about 100 nations from all continents had expressed interest in CBDCs. Either in the research or development stages are these CBDCs. Only Nigeria and The Bahamas had fully launched their CBDCs as of the time the study was published.

According to the report, there were 97 CBDCs as of July 2022. 15 of these have reached the pilot stage, while 2 have already been released. 65 nations are still conducting research on theirs, while 15 more are already in the Proof-of-concept phase. This information was obtained by the IMF from a tracking webpage for the CBDC.

IMF emphasised both the advantages and drawbacks of central bank digital currencies.

In addition, the IMF emphasised CBDCs' advantages and disadvantages in light of the contemporary situation. The incorporation of finance is one of the many advantages of the digital asset. CBDCs provide central banks with a way to reach their unbanked populations with financial services.

The IMF also mentioned a few difficulties CBDCs can encounter. They include hazards from cyberattacks and worries that a crisis is developing as a result of widespread withdrawals. The majority of nations can access the blockchain benefits through CBDCs. The financial sector might significantly benefit from this important inclusion as the usage of digital assets increases and governments acknowledge their essential role in daily life.

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