A vast majority of global central banks are exploring the scope of issuing their own digital currencies – and it’s a trend that could eventually aid the international campaign to shift away from the dollar, according to a research paper published by International Monetary Fund staff.
Up to 93% of monetary authorities around the world are considering so-called central bank digital currencies (CBDC) and more than 100 countries are looking at retail issuance of such instruments, researchers at the institution said, citing figures from the Bank for International Settlements.
And that could be a tailwind for the anti-dollar movement at least in some economies, according to IMF staff. “CBDCs could help de-dollarization or counter “cryptoization”,” they wrote in the report, published this month.
“In dollarized or euroized economies, the introduction of a CBDC could encourage a greater use of the local currency by making it a more attractive means of payment.”