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According to a study published on 25 October conducted by IBM Blockchain World Wire and the Official Monetary and Financial Institutions Forum (OMFIF). Most of the global financial institutions surveyed believe that central banks should issue their own digital currencies (CBDCs),
The study includes 21 central banks that participated in the OMFIF research between July and September 2017. The reports note that the participants were unable to find a compromise on the CBDC issue and related issuance processes.
76% of respondents expressed uncertainty about the efficiency of implementations of Distributed Ledger Technology (DLT), while most of the financial institutions surveyed believed that central banks should issue their own digital currencies.
However, 38% of the financial institutions included in the study are actively exploring and testing CBDCs, while the remaining 62% are described as "not fully active" in the industry.
In addition to providing statistics on the views expressed on CBDCs by financial institutions, the report also includes a number of possible approaches to the establishment of digital currencies issued by central banks, as well as providing guidance to institutions on how to manage the associated challenges.
On 23 October, HSBC UK Bank Director Craig Ramsey said that both CBDCs and blockchain implementations represent a "big challenge" for existing RTGS (Real-time Gross Settlement) systems.
Last week, Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya described CBDCs as "unlikely" to improve existing money systems, as control of the economy through CBDCs would only work if central banks remove money separately from the financial system.