According to a recent Juniper Research study, CBDC transactions, which were estimated to reach $100 million in 2023, are anticipated to reach $213 billion annually by 2030.
Albeit the majority of the computerized cash projects gave by the national bank are still in their exploratory stages, the projections demonstrated that the "sensational development assessed at over 260,000% mirrors the beginning phase of the area." Additionally, the study found that governments will support adoption by taking advantage of emerging technology to increase control over digital payment processing and promote financial inclusion. Added to the report:
"Access to digital payments will be made easier with central bank-issued digital currencies, especially in emerging economies where mobile penetration is much higher than banking services penetration."
Additionally, the study projects that 92% of all CBDC-related transactions will be paid locally, with projects primarily addressing local payment issues. In the meantime, "after the establishment of systems and links between digital currencies issued by central banks used by different countries," cross-border payments will become available later.
According to the report's author, Nick Maynard, "Although cross-border payments are currently characterized by high costs and slow transactions, this is not the focus of the body responsible for developing the central bank digital currency." Additionally, "Given that the adoption of digital currencies If issued by a central bank will be country-specific, cross-border payment networks will have to link the schemes together, allowing the broader payments sector to benefit from digital currencies issued by central banks" was added.
However, the report noted that the current market faces a significant obstacle in the form of the absence of commercial CBDC-related products and the lack of well-defined platforms for central banks.
According to the Atlantic Council, more than 114 nations, or 95% of the world's GDP, had begun to investigate CBDCs as of March 2023. 11 nations have already fully implemented their digital currencies out of the total number.
Numerous nations in the Center East and North Africa, for example, the Unified Bedouin Emirates, Saudi Arabia, and Algeria, have previously begun investigating different use cases for CBDCs.
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