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CBDC transactions to hit 7.8 billion by 2031

CBDC transactions to hit 7.8 billion by 2031

GrafaGrafa2024/10/29 17:00
By:Mahathir Bayena

Juniper Research's latest report forecasts a significant increase in central bank digital currency (CBDC) transactions, predicting growth from 307.1 million in 2024 to 7.8 billion by 2031—a rise of 2,430%. 

This projected surge is attributed to central banks’ efforts to maintain monetary sovereignty amid the expanding influence of card networks and stablecoins.

As of September, 134 countries and currency unions, representing 98% of global GDP, are actively exploring CBDCs. 

This marks a substantial increase from 35 countries in May 2020. 

Currently, 66 countries are in advanced stages of development, pilot testing, or have fully launched digital currencies, including China’s digital yuan and Europe’s digital euro. 

A record 44 CBDC pilots are underway, with several European nations testing wholesale CBDCs for domestic and cross-border transactions.

The report underscores the importance of interoperability to facilitate cross-border CBDC integration. 

Juniper Research recommends collaboration among central banks and CBDC vendors through initiatives like those led by the Bank for International Settlements (BIS). 

The report warns that without a unified approach, there is a risk of creating isolated "digital islands" that could limit the efficiency of global transactions.

Juniper's analysis also projects potential financial benefits, estimating that CBDCs and stablecoins could reduce cross-border payment costs by approximately $45 billion by 2031. 

By bypassing traditional intermediaries, these digital currencies could simplify international transactions, lower fees, and enhance transparency for remittance senders and global businesses.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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