R3 Says No Central Bank Is Currently Working On CBDC

Blockchain firm R3 said that no central bank is currently working on a Central Bank Digital Currency (CBDC), which can be used by consumers.

It has been reported that R3 states that no central bank is currently pursuing the development of retail CBDC.  

The authors of the document explain that CBDC’s are divided into wholesale and retail, as wholesale is limited to commercial banks, while retail can involve corporations, small businesses, and even individuals.

However, the report explains that a wholesale CBDC is just a new modernization step for central banks, while retail CBDC “is an opportunity to extend access to digital central bank money.”


Central banks aren’t developing retail CBDCs: R3 https://t.co/AzTISrSFVW — Cointelegraph (@Cointelegraph) May 1, 2020

Also, the report clearly states that all the CBDC projects currently pursued by central banks worldwide aim to create wholesale CBDC systems.

The report added:

“Unlike wholesale CBDC, retail CBDC does not currently exist in production. Retail generally refers to the general public, corporates and certain financial institutions that currently do not have access to central bank money. As a result, experiments in the space are incredibly novel. However, central banks across the world […] are beginning to commit resources towards implementing retail CBDC.”

Thus, CBDCs are being widely researched and developed around the world.

Source: Cointelegraph | Image: Pixabay

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