Central bank support for digital currencies appears to have fallen sharply, with only 13% of central bankers surveyed by OMFIF Digital Monetary Institute backing CBDCs as a cross-border payment solution, down from 31% in 2023.

The survey found just 10% of respondents are actively developing CBDCs, compared with 21% last year. The decline comes despite major initiatives including the Bank for International Settlements’ Project Agora and China’s Project mBridge. The BIS recently withdrew from mBridge, creating a potential split between Western and emerging market payment systems. Nearly half of surveyed bankers favor improving existing instant payment infrastructure over CBDCs.