This report, based on extensive research, industry consultations and interviews with regulators, examines the key motivations, models, and policy considerations for wholesale Central Bank Digital Currency (wCBDC). It discusses the need for wCBDCs as a risk-free settlement asset to support digital transaction infrastructure and mitigate potential instability arising from reliance on tokenised private assets. Central banks are considering wCBDCs as an alternative to upgrading Real-Time Gross Settlement (RTGS) systems, aiming to keep pace with programmable, always-on infrastructures that facilitate real-time, cross-currency liquidity and tokenised asset transactions.
