Dozens of Central banks around the world are interested in creating national digital currencies, but only a few of them have started to put this interest into practice.
According to the report of the Bank for international settlements (BIS), up to 70 percent of the world’s Central Banks are somehow exploring the possibility of creating national digital currencies, but only five of them are looking for practical solutions.
The BMR report takes into account the activities of the 63 largest Central Banks and shows a constant increase of interest in digital currencies. However, in the vast majority of cases we are talking only about data collection, which does not include any practical stage. Currently only 5 Central Banks in the world have been able to create theoretically suitable for implementing pilot projects in this sphere.
Uruguay and Sweden advanced further than others. The first country has completed the creation of the e-peso in April 2018, and the second is completing the e-crown project started in 2017.
Interest of the Central Bank in the creation of national digital currencies is explained, among other things, by the possibility of reducing the volume of Fiat money in circulation. Caution revealed in the work under this project, shows a desire to evaluate all the pros and cons of these projects, because their implementation is associated with large investments.