Ripple survey finds most finance leaders see CBDCs disrupting fiat

Rick Steves

Beyond financial inclusion, many respondents believe CBDCs will deliver enhanced national competitiveness (44%), greater efficiencies within their payment systems (43%), and advance innovation more broadly (42%).

The potential for central bank digital currencies (CBDCs) has generated an overwhelming consensus among financial institutions, according to the findings of a survey by Ripple Labs that obtained answers from 1,6000 respondents.

Ripple asked “1,600 finance leaders around the world” about CBDCs only to discovery that more than 70% of respondents surveyed across five global regions believe CBDCs stand to deliver major social change within the next five years, with Asia Pacific ranking the highest at 89%.

Four out of five regions see financial inclusion or greater access to credit as the largest potential breakthrough to be driven by CBDCs, the report stated, reminding that Ripple has been behind some of the real-world CBDC initiatives including Bhutan’s intention to deliver more efficient and cost-effective payments using a CBDC in order to meet its goal to increase financial inclusion to 85% by 2023.

CBDCs are believed to enable faster and more affordable payments as well as making loans and other financial services more accessible to historically underserved communities because of its ability easily to secure and repay loans, and build credit history.

Education, ID, offline, privacy, security are hurdles to CBDCs

“A government-backed digital currency could also facilitate easier distribution of funds for social welfare programs, as seen with stimulus efforts in the recent pandemic”, said the announcement, which admitted real-world limitations standing in the way of broad CBDC rollout and adoption.

“Consumer education, identity verification, offline access, and privacy and security protections are all hurdles to implementation. Alternatives and solutions exist for these challenges, but they must be solved at scale and in agreement between countries to ensure interoperability among currencies”.

According to a report by the Bank for International Settlements, nine out of 10 central banks are exploring CBDCs, which goes in line with Ripple’s findings that eighty-five percent (85%) of leaders at financial institutions think their country will launch a digital currency within the next four years.

Beyond financial inclusion, many respondents believe CBDCs will deliver enhanced national competitiveness (44%), greater efficiencies within their payment systems (43%), and advance innovation more broadly (42%).

In the meantime, the People’s Bank of China recently announced it would expand its pilot of the e-CNY to more cities, and Norway is testing its own prototype for a CBDC.

Read this next


BankiFi raises $4.8m to bring embedded banking platform to North America

“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”

Executive Moves

Shieldpay hires ex-Payoneer Chris Andrews as Head of Sales

“We’ll be expanding our position in existing markets and accelerating growth into new verticals, whilst building on our direct and indirect channels.”

Digital Assets secures preliminary approval to operate in Canada, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.


XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

Institutional FX

FX volume drops 7pct at CLS Group in July 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in July.

Digital Assets

Web3 startup PIP integrates with Binance ecosystem

Web3 payment provider PIP has announced integration with the Binance ecosystem, which allows the firm to vastly develop and propose needed products and improvements that are worthy of competing with others chains.

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.