Interest in rapid payment systems increases, resulting in a decrease in support for CBDCs from 31% to 13%.
The Official Monetary and Financial Institutions Forum (OMFIF) has conducted a recent survey that indicates that central banks are losing interest in CBDCs, despite ongoing research efforts.
The annual Future of Payments report underscores a significant decrease in the level of support for CBDCs as a cross-border payment solution: in 2024, only 13% of respondents consider them to be a viable alternative, a reduction from 31% in 2023.
The preference is transitioning to interconnected immediate payment systems, such as the U.S. FedNow service, which is supported by 47% of central bankers. Stablecoins, on the other hand, got no votes for the second year in a row.
China’s mBridge Project, a multi-CBDC initiative, coincides with the Bank for International Settlements (BIS)’s withdrawal. Despite the BIS’s denial of political motivations, the action emphasizes the geopolitical tensions that encircle the adoption of digital currencies.
The survey also confirms the U.S. dollar’s dominance, with only 11% of central banks reporting a decrease in its use.
At present, more than 130 countries are investigating CBDCs. China, the Bahamas, Jamaica, and Nigeria are among the early adopters, while the United States is proceeding with caution. The prospective issuance of a digital dollar has been the subject of recurrent opposition from President-elect Donald Trump.
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