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Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)

By World Economic Forum | 1 minute read | April 24, 2024

Over 98% of the global economy’s central banks are researching, piloting or deploying central bank digital currency (CBDC). There is an opportunity to harness this innovation in central bank money to enhance systemically important payments and securities transactions between financial institutions.

Developed by the World Economic Forum and in collaboration with Accenture, this report highlights the transformative potential of wholesale CBDC (wCBDC) in modernizing financial markets. With the use of wCBDCs already materializing, this report offers timely insights for public and private sector leaders evaluating the potential role of wCBDC in their jurisdictions. This critical analysis advocates for collaboration among central banks, commercial banks and financial market infrastructures to use wCBDC to address interbank payment and securities transaction challenges.

Download Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)

Emphasizing the need for secure and efficient settlement infrastructures, the report calls for deep public-private collaboration to navigate the evolving digital finance landscape effectively. The report seeks to improve the efficiency, security and inclusivity of the financial system, paving the way for a more resilient global economy.

This article was originally published in The World Economic Forum on April 16, 2024.