Central Banks Explore Wholesale Digital Currencies to Modernize Financial Systems, Says New Report

Over 98% of central banks are researching, piloting or deploying central bank digital currency (CBDC)
There is an opportunity to use wholesale CBDC (wCBDC) to enhance payments and securities transactions between financial institutions
The report highlights the potential of wCBDC to modernize financial markets
It advocates collaboration between central banks, commercial banks and financial market infrastructures to address interbank payment and securities transaction challenges
The report calls for public-private collaboration to navigate the evolving digital finance landscape and improve the efficiency, security and inclusivity of the financial system