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According to a survey by the Official Monetary and Financial Institutions Forum (OMFIF), more than 50% of central banks plan to issue a central bank digital currency (CBDC) within the next five years. Meanwhile, one-third of central banks have postponed CBDC plans due to regulatory challenges and shifting economic conditions.
The study, conducted by OMFIF in collaboration with Giesecke+Devrient, found that 34% of central bank representatives intend to launch a CBDC within the next three to five years, while 18% are already ready or plan to issue one within a year or two. By comparison, this figure was 38% in 2022. However, the share of regulators who are less inclined to launch a CBDC rose from 0% to 15% since 2022, highlighting emerging challenges.
31% of surveyed banks delayed CBDC initiatives, citing regulatory, governance, and economic issues that took precedence over digital currency development. The survey gathered insights from representatives of 34 central banks worldwide.
A significant takeaway from the study is the declining impact of technical barriers on CBDC development. Last year, central banks reported concerns about privacy, cybersecurity, scalability, and payment system compatibility. However, in 2024, confidence in these areas improved significantly.
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Despite this progress, user experience (UX) remains the biggest challenge. The number of central banks citing UX as a primary concern increased significantly compared to previous years. Experts believe this shift is due to the resolution of core technical issues, allowing regulators to focus on user adoption.
The survey also revealed differences in CBDC adoption motivations between developed and developing nations:
- 44% of central banks in developing nations cited financial inclusion as the primary reason for CBDC development;
- 50% of central banks in developed economies prioritized maintaining financial sovereignty amid the digital transformation of payment systems.
A major focus in CBDC development is offline payments, which play an important role in financial inclusion, particularly in areas with unstable internet access.
In December 2024, OMFIF analysts reported that global banking institutions were working on optimizing cross-border payments. However, the reputation of CBDCs in this context declined.
