A recent study by Ripple has found that over 70% of respondents across five global regions believe central bank digital currencies (CBDCs) could deliver major social change in the next five years.
The company compiled a New Value Report which included an infographic that highlighted CBDC-specific takeaways from survey questions asked of 1,600 finance leaders globally.
Of the 70% who anticipate global change from CBDCs, the Asia Pacific region ranked the highest at 89%. Four out of the five regions highlighted that they see financial inclusion or great access to credit as the largest possible breakthrough to be driven by CBDCs.
In addition, up to 85% of financial institution leaders said they believe their country will launch a digital currency within the next four years. Up to 44% believe that this technology would deliver enhanced national competitiveness, 43% believe it will create greater efficiencies within their payment systems and 42% think it would advance innovation more broadly.
Ripple concluded, “Ultimately, consensus on the potential for CBDCs to bring about more inclusive financial systems is clear. While there remains much work to be done, many expect the transformation to be timely and that we will begin to see the fruits of this transition before the turn of the decade.”
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