As per the report by banks for international settlements, it is seen that 81 Central Banks attended to conclude the survey. It took place in the autumn of 2021. The survey somehow exploded the level of engagement by the banks in the work of Central Bank digital currencies. Along with team motivation and intentions concerning all the insurance related to Central Bank digital currencies. Currently, the bank for international settlements is owned by nearly 63 Central Banks that help to represent about 95% of the world’s total gross domestic product.

However, you can estimate more than half of the servant Central Bank that are developing the central bank digital currencies. These banks are known to go for running concrete experiments that are known as per the results. At the same time, around 20% of these banks are developing and testing the retail version of Central Bank digital currencies. It is twice the number of Central Banks that are working on the wholesale digital currencies.

Speaking about the world scenario, it can be seen that the central bank is acutely exploring digital currencies as the economy tends to strengthen digital payment along with banking infrastructure. From taking any potentially improving financial inclusion to speeding up all the cross-border transfers it is seeing that the Central Bank’s digital currencies theoretically hold their promises. But as China takes the lead in the development and testing of the digital Yuan, some governments around the world view the concept of Central Bank digital currencies as a play for monetary sovereignty.

The Central banks differed in their expectations and became widely accepted and used means of payment. It depends on the different types of stable coins. The central bank happens to believe that these stable coins bagged by the single currency happen to succeed as a payment method over the type of stable coins that peggs to any commodity or cryptocurrencies. About 70% of these Central banks are now looking into the potential impact that the stable coin created. It certainly brought financial and monetary stability. Therefore around a quarter of these banks are getting comfortable with the use of cryptocurrencies.