Over 40 Central Banks Are Considering Blockchain Currencies: Davos Report

More than 40 central banks worldwide are experimenting with blockchain technology, says a new report by the World Economic Forum.

Published Wednesday, the report analyzes how different central banks are either examining what blockchain can be used for or are outright experimenting with central bank digital currencies.

"It's very much the case that several central banks are looking at this," said Ashley Lannquist, a project lead in blockchain and distributed ledger technology at the World Economic Forum and the primary author of the report.

She counted at least 44 different central banks that are exploring, researching or actively experimenting with blockchain technology, with an eye to potentially issue a digital currency in the eventual future.

"I'd say in the next couple years, speculating towards the future and being a bit conservative, I would expect a couple central banks to issue a central bank digital currency and that's because we know that at least a few are."

"We've been trying to help those that are new catch up," she said, by connecting central banks new to the field to those that have already been researching blockchain use cases.

"We're connecting the blockchain technical community to the central banks to help them. I host webinars and in-person meetings periodically so we connect these experts to the banks," Lannquist said.

Still, at least for now central banks are quietly looking into blockchain tools.

Specifically, she hopes each of the central banks looking into distributed ledger technology will conclude whether it finds the technology useful or not, and why these banks reach whichever conclusion they do.

Asked whether she expects to see banks implement CBDCs, Lannquist said, "I don't know, I don't expect it to be widespread and that's because most central banks don't have a strong need and that's because they already have an efficient system."