CBDCs: Three Years of Pilots, One Real Lesson
The technology worked everywhere. Adoption is a different department.
By Sarah Lindqvist
Central banks proved repeatedly that they can issue a digital liability. What no pilot has convincingly demonstrated is why a consumer with a working debit card would switch.
Wholesale is where it lands
The durable use cases are interbank and cross-border settlement, where the incumbent process is genuinely slow and the participants are already supervised.