齐头并进——2024年国际清算银行关于央行数字货币和加密货币的调查结果

byAnamaria Illes,Anneke Kosse and Peter Wierts Monetary and Economic Department August 2025 JEL classification: E42, E58, O33. Keywords: central bank digital currencies, CBDC, digitalinnovation,cryptoassets,stablecoins,cross-borderpayments,tokenisation,tokenisedbonds,interoperability, financial stability, regulation. TheviewsexpressedarethoseoftheauthorsandnotnecessarilytheviewsoftheBIS. This publication is available on the BIS website (www.bis.org). Advancing in tandem – results of the 2024 BISsurvey on central bank digital currencies and crypto1 Central banks’ involvement in central bank digital currency (CBDC) work remainedstrong in 2024. Of the 93 central banks surveyed, 91% (85) were exploring either a retailCBDC, a wholesale CBDC or both. At an aggregate level, the exploration of wholesaleCBDCs is at more advanced stages than exploration of retail CBDCs. The focus andstage of the work and envisioned use cases and design features of CBDCs vary acrossjurisdictions. Yet, preserving the role of central bank money amid the decline of cashand the rise of tokenisation of traditional assets is a key driver for many central banks.More than one in three jurisdictions had also accelerated work on CBDCs in light ofdevelopments in stablecoins and other cryptoassets. While the use of stablecoins forpayments outside the cryptoassets ecosystem is still limited in most jurisdictions, it ismore widespread for cross-border payments and remittances in certain emergingmarket and developing economies. The results show that work on CBDCs progressed intandem with an increasing number of jurisdictions enacting or developing regulationsfor stablecoins and other cryptoassets. Work on CBDCs also advanced as private andpublic sector engagements in asset tokenisation increased in many jurisdictions. Introduction This paper presents the results of the 2024 BIS survey on central bank digitalcurrencies (CBDCs) and crypto. A total of 93 central banks participated in the survey.They shared insights into the level of involvement in CBDC work and, conditional oninvolvement, motivations for potentially issuing a CBDC, envisioned use cases anddesign features. CBDC is an enhanced digital representation of central bank moneyand can include both retail and wholesale versions (BIS (2025)). A retail CBDC is adigital version of physical cash that households and firms can use for everydaytransactions.A retail CBDC differs from existing forms of cashless paymentinstruments, such as credit transfers, direct debits, card payments and e-money, as itis a direct liability of the central bank rather than a liability of a private financialinstitution.As tokenised wholesale central bank money,wholesale CBDCs areintended for use as a settlement asset in transactions between banks, central banksand other financial institutions. A wholesale CBDC would serve a role similar to thatof central bank reserves in the current system, but with added functionalities enabledby tokenisation, such as programmability and composability (BIS (2025)). The resultspresented in this paper shed light on the status of and latest trends in central banks’work on retail and wholesale CBDCs. The survey also provided insights into the use of stablecoins for payments andregulatory approaches to cryptoassets. Cryptoassets are defined as digital assetsissued by the private sector that depend primarily on cryptography and distributedledgertechnology(DLT)or similar technology(FSB (2020)).The concept of astablecoin was created due to abrupt and constant fluctuations in the prices ofcryptoassets (G7 (2019)). Stablecoins are a subcategory of cryptoassets that aim tomaintain a stable value relative to a specified peg (FSB (2020)). Applications of tokenisation go beyond wholesale central bank money andcryptoassets. Tokenisation refers to the process of generating and recording a digitalrepresentation of assets on a programmable platform (BIS-CPMI (2024)). This can alsoinvolve commercial bank deposits and other assets. Interest in tokenisation has beenrising in recent years, in anticipation that tokenisation could play an important role inthe future financial system (BIS (2023, 2025)). Moreover, tokenisation may haveimplications for the roles of central banks in payments, monetary policy and financialstability (BIS-CPMI (2024), FSB (2024b)). Within the field of payments, tokenisationraises considerations for the roles of central banks as issuers of money and operators,catalysts and overseers of payment systems. The scope of the 2024 survey hastherefore been expanded with questions related to tokenisation of commercial bankdeposits and other financial and real assets. Key features of the 2024 survey Questions The latest CBDC and crypto survey was conducted in late 2024. It is the eighthconsecutive annual survey (see Annex A for the questionnaire).2 As in previouseditions,the survey collected information on central banks’involvement indeveloping retail, wholesale or both types of CB