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Most central banks are exploring central bank digital currencies (CBDCs), and their work continues apace amid the Covid-19 pandemic. This BIS paper updates earlier surveys that asked central banks how their plans in this area are developing. The latest responses show that as a whole, central banks are progressing from conceptual research to practical experimentation. In addition, the paper highlights that while most have no plans to issue CBDCs in the foreseeable future, central banks collectively representing a fifth of the world's population are likely to launch retail CBDCs in the next three years. The Covid19 pandemic has added new motivations to this journey.

Many nations are moving to advanced stages of CBDC engagement, according to the Bank for International Settlements.

Speaking at the World Economic Forum, the Bank of England governor Andrew Bailey discussed how cryptocurrencies would fit in the current governance system.

Sessions devoted to “resetting digital currencies” are scheduled at this week’s Davos Agenda.

The Bank for International Settlements' Innovation Hub (BISIH) today set out its work programme, demonstrating its focus on six key areas as it fosters international collaboration among central banks on innovative financial technology.

Earlier this week, Dr. Janet Yellen, former Chair of the US Federal Reserve and soon to be the Secretary of the Treasury, testified at a hearing before the Senate Finance Committee in regards to her nomination. In advance of the hearing, Dr. Yellen submitted an

Retail users may have to wait in much of the world, however.

The Bank of International Settlements has outlined plans to embark on a variety of CBDC trials worldwide this year.

Blockchain or DLT based tokenization is inevitable, as global rivalry in digital currencies continues, industry exec explains.

Ahead of the Chinese New Year in February, the city of Shenzhen is slated to hold its third lottery for digital yuan, which will see another 10,000 Chinese citizens in possession of 200 digital renminbi each. China is placing incredible emphasis on the city as the first major sample for large-scale central bank digital currency (CBDC) testing before it progresses to other cities in China.

The past two years were much harder on the dollar, however.