A new working paper from the Bank of International Settlements shows that the pandemic has led to increased interest among central banks for CBDCs. The share of central banks looking toward retail CBDCs in a one- to six-year timeframe had already doubled in 2019 (before COVID-19 took root) to 20 percent. The report also found that as many as 80 percent of central banks are engaged in research, experimentation or development of CBDCs.
"At its current stage, the test's primary goal is to ensure the digital currency's operation runs smoothly and safely and to determine how DCEP is distributed from the central bank to financial institutions,” Wang Peng, assistant professor at Renmin University’s Gaoling School of Artificial Intelligence, told Global Times. “Only when trials in retailing are successful will they be carried out in large transaction scenarios.”