Payset prespective
May 11, 2022

90% of Banks Are Exploring Digital Currency, Survey Says

The vast majority of central banks are now exploring central bank digital currencies, or CBDCs, according to a recent survey.

CBDCs Are Growing In Popularity

On Friday, May 6, the Bank for International Settlements (BIS) published a report suggesting that 90% of surveyed central banks are exploring CBDCs.

That term stands for “central bank digital currencies,” a type of digital asset backed by traditional currencies such as the dollar or the Euro.

In addition to the overall participation rate, the data suggests that 62% of central banks are already “running concrete experiments.” Over 30% of banks are focusing on CBDCs aimed at retail users, while over 65% of banks are focusing on “wholesale” CBDCs aimed at financial institutions alongside retail users.

The results of the survey also suggest that participation has grown over the past year in some regards. Notably, the number of central banks involved in a CBDC pilot doubled from 14% to 26% over the past year.

BIS conducted its survey in autumn 2021 and collected data from 81 institutions, meaning that the results represent a significant portion of the world’s central banks.

In addition to collecting participation rates, BIS drew attention to countries with highly developed CBDCs. 

It specifically named the Bahamas’ Sand Dollar, Nigeria’s eNaira, the Eastern Carribean’s DCash, and China’s e-CNY (also known as the digital renminbi) as examples of mature or complete digital currencies.

How Will CBDCs Change Payments?

As noted above, CBDCs are issued by a country’s central bank. They are backed by and tied to the value of that country’s fiat currency.

CBDCs provide some advantages over traditional digital banking. Firstly, they can settle transactions quickly and inexpensively compared to modern banking networks. If banks and payment services settle on a standard for CBDCs, this would broadly reduce the need for currency conversion.

CBDCs are also resistant to bank failure because they are centrally issued. They would continue to circulate even if smaller banks and financial services fail, providing an advantage over online banking as it is today.

CBDCs also frequently leverage blockchain, which is ideal for financial record-keeping. Unlike Bitcoin and other public cryptocurrencies, central banks maintain significant private control over a CBDC’s ledger. This approach gives banks the ability to intercept illegal transactions while also giving CBDC users privacy insofar as public visibility is concerned.

Few if any bank services and payment cards support CBDCs at the moment. However, the option will likely become more commonplace as the technology becomes more mature in the future.

We make cross-border banking easy, affordable, and secure. Choosing Payset for your multi-currency account means choosing personal service, advanced security, and modern convenience.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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