Improving the efficiency of payment systems is the main motivation for central banks in developing countries to explore implementation possibilities. CBDC. This conclusion is contained in a study by the Bank for International Settlements (BIS).

Many emerging markets #CBDC projects. Most are interested in developing digital cash, encouraging financial inclusion and increasing competition, according to a survey of 26 economies. Read the survey summary and a set of country documents https://t.co/Ut0DN8B9OB pic.twitter.com/p0wViChhDx

— Bank for International Settlements (@BIS_org) 14 April 2022

The survey was conducted between 9-10 February. The meeting was attended by 26 regulators’ governors, including the Bank of China, Brazil, Hong Kong, Mexico, UAE, Saudi Arabia, South Africa, Turkey and Russia.

“The provision of cash-like digital instruments and the growing popularity of proprietary digital payment systems are the main reasons to consider. [выпуска CBDC]”, says document.

Central banks are also prioritizing financial access, cybersecurity risks, potential reductions in the role of banks in the system, and spillovers from cross-border transactions.

Authorities cited a lack of financial literacy, infrastructure challenges, high costs and a low level of private sector preparedness as potential barriers to CBDC adoption.

Recall that Agustin Carstens, head of the BIS, called central banks the best source of money trust in the digital age.

In March, BIS together with the Central Banks of Australia, Malaysia, Singapore and South Africa developed two prototypes of an international settlement platform with several CBDCs.