Central banks are showing decreasing enthusiasm for central bank digital currencies (CBDCs), as highlighted in the Official Monetary and Financial Institutions Forum's Future of Payments survey. Legacy instant payment systems are favored for improving cross-border payments, with 47% of central bankers supporting this option, up just slightly from last year. CBDCs have dropped dramatically in preference, falling from 31% in 2023 to only 13% in 2024. The limited support for stablecoins remains at 0%. The study suggests that geopolitical factors and preferences for established currencies, particularly the US dollar, are influencing these trends. The correspondent banking system is also under strain due to increasing costs associated with compliance, suggesting a potential decline in its use if new standards are not implemented timely. Despite interest in tokenization, which could simplify compliance, cross-border payments may remain predominantly off-blockchain for now. Central banks' interest in projects involving wholesale CBDCs indicates ongoing exploration in digital finance but with a strong preference for legacy systems.

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