ANL 19.29 Decreased By ▼ -1.56 (-7.48%)
ASC 13.45 Decreased By ▼ -0.09 (-0.66%)
ASL 22.20 Decreased By ▼ -0.80 (-3.48%)
BOP 8.18 Decreased By ▼ -0.02 (-0.24%)
BYCO 7.55 Decreased By ▼ -0.26 (-3.33%)
FCCL 17.45 Decreased By ▼ -0.35 (-1.97%)
FFBL 22.10 Decreased By ▼ -0.65 (-2.86%)
FFL 15.20 Decreased By ▼ -0.30 (-1.94%)
FNEL 7.40 Increased By ▲ 0.05 (0.68%)
GGGL 17.00 Decreased By ▼ -0.83 (-4.66%)
GGL 39.30 Decreased By ▼ -0.71 (-1.77%)
HUMNL 5.76 Decreased By ▼ -0.26 (-4.32%)
JSCL 18.00 Decreased By ▼ -0.30 (-1.64%)
KAPCO 35.95 Decreased By ▼ -0.40 (-1.1%)
KEL 3.29 Decreased By ▼ -0.11 (-3.24%)
MDTL 2.50 Decreased By ▼ -0.15 (-5.66%)
MLCF 34.24 Decreased By ▼ -0.86 (-2.45%)
NETSOL 119.85 Decreased By ▼ -9.55 (-7.38%)
PACE 4.94 Increased By ▲ 0.19 (4%)
PAEL 26.53 Decreased By ▼ -0.47 (-1.74%)
PIBTL 8.71 Decreased By ▼ -0.14 (-1.58%)
POWER 7.25 Decreased By ▼ -0.20 (-2.68%)
PRL 16.97 Decreased By ▼ -0.18 (-1.05%)
PTC 9.65 Decreased By ▼ -0.36 (-3.6%)
SILK 1.50 No Change ▼ 0.00 (0%)
SNGP 45.10 Increased By ▲ 0.10 (0.22%)
TELE 17.48 Decreased By ▼ -1.41 (-7.46%)
TRG 161.00 Decreased By ▼ -1.70 (-1.04%)
UNITY 31.80 Decreased By ▼ -1.15 (-3.49%)
WTL 2.85 Decreased By ▼ -0.09 (-3.06%)
BR100 4,718 Decreased By ▼ -14.65 (-0.31%)
BR30 22,320 Decreased By ▼ -482.1 (-2.11%)
KSE100 45,074 Decreased By ▼ -223.36 (-0.49%)
KSE30 17,742 Decreased By ▼ -68.18 (-0.38%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,524
4224hr
Pakistan Cases
1,236,888
2,06024hr
4.58% positivity
Sindh
454,510
Punjab
427,583
Balochistan
32,837
Islamabad
104,913
KPK
172,766

LONDON: Central banks representing one-fifth of the world’s population are likely to issue their own digital currencies in the next three years, a survey by central bank umbrella group the Bank for International Settlements shows.

The push comes as physical cash use falls globally and authorities look to fend off the threat to their money-printing powers from bitcoin and efforts linked to Big Tech such as the Facebook-backed Diem, formerly Libra.

At the same time, central banks who have taken interest rates negative are looking at whether digital cash could be used to help implement the radical policy.

Wednesday’s BIS survey of 65 central banks showed 86% were exploring the benefits and drawbacks of digital currencies, with some testing possible designs.

Emerging and developing economy central banks are more likely than those in major economies to issue central bank digital currencies (CBDCs), the survey showed.

The Bahamas became the first country to launch a general purpose CBDC, known as the Sand Dollar, in October.

A number of bigger countries have also been testing the waters, with China the most advanced.

A fifth of central banks from major economies that responded to the survey said issuing digital currencies was “possible” in the short or medium term, up from only one last year.

The People’s Bank of China expanded a trial of a digital renminbi to its three largest urban regions, which together contain 400 million people, in August.

ECB President Christine Lagarde said last week her bank was pushing on with its work on a digital euro, Sweden’s E-Krona is progressing and U.S. Federal Reserve chief Jerome Powell has said it is carrying out experiments for a digital dollar.

But there are still hurdles to overcome.

The BIS survey showed over a quarter of central banks do not currently have the authority to issue a CBDC and about 48% remain unsure. Around 60% see themselves as unlikely to issue any type of digital currency in the short or medium-term. As a whole, though, “central banks are moving into more advanced stages of CBDC engagement, progressing from conceptual research to practical experimentation,” the survey said.

Comments

Comments are closed.