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- 1 A recent report shared a prediction that CBDC payments may surpass $200 Billion.
- 2 Ripple also shared an X-post in which it discussed the global adoption of CBDCs.
Ripple, a blockchain-based digital payment network and protocol, recently shared an X (formerly known as Twitter) post that was about the global adoption of CBDCs. It also included CBDC payment-related predictions. Central Bank Digital Currencies or CBDCs are digital forms of central bank money.
Nine out of ten central banks are actively exploring CBDCs and @juniperresearch predicts CBDC payments could reach $213 billion by 2030.
— Ripple (@Ripple) September 19, 2023
With global adoption on the rise, learn how #CBDCs are poised to reshape the global banking system.https://t.co/2vG3kFJPm4
According to Ripple’s post shared on September 19, 2023, the global adoption of CBDCs is on the rise. It continued by stating that most of the central banks are actively exploring CBDCs. According to Juniper Research, a research and analytical service provider, “CBDC payments could reach $213 Billion by 2023.”
Ripple noted that “this boom is echoed in sentiments shared by global financial leaders as part of its latest New Value Report.”
Over 90% of the report’s surveyed participants said digital assets like CBDCs will have a significant impact on business, finance and society in “the next three years.” Additionally, more than 80% of those finance leaders surveyed are likely to begin using crypto, stablecoins and/or CBDCs in their businesses within the same time period.
Is CBDC Adoption Increasing Globally?
According to Ripple, as of June 2023, over 100 countries representing more than 95% of the world’s GDP are in various stages of CBDC research and development. The Atlantic Council, a think tank, indicates that 11 countries have already fully launched a CBDC, whereas 20 more countries will take significant steps toward piloting a digital currency in this year.
All over the world, China is leading the charge with over $3.6 Billion in digital yuan transactions per month. Some of the micronations like Palau are also exploring the potential benefits of digital currencies. With their efforts, they will support sustainability goals and financial inclusion.
In such nations, where many citizens still find that moving cash via boats and waterways is most efficient, CBDCs showcase an opportunity to embrace the modern digital era.
Ripple VP of CBDC James Wallis said “There is a sweet spot for mid-size economies that have the capacity and capability to roll out CBDCs with clear-cut benefits like financial inclusion or low-cost services.”
Wallis further explained that “Collaboration between the public and private sectors is critical. It’s not central banks’ mission to be innovators. They can control the core infrastructure, but the private sector will really bring in most of the new use cases that will benefit citizens.”
Ripple mentioned that “the future of CBDCs is certain.” Digital currencies are poised to reshape the global banking system. Driven by consensus agreement around benefits like “security, stability and better data management,” the technology is actively taking root in countries around the world, Ripple further added.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
