The development of central bank digital currency (CBDC) points directly to inclusion, both for the central bank in the national economy and for the people it serves. Meanwhile, technology for cross-border payments is being developed elsewhere for the most part, according to a new report on the payments industry.

The Digital Money Institute (DMI), part of the think tank of the Official Forum of Monetary and Financial Institutions, published its third annual report on the future of payments on December 8. The report was sponsored by several payment companies and cryptocurrency exchange Binance, and those companies wrote sections that complemented DMI’s findings. This was the first time that it included a survey of central banks.

DMI staff found in their survey that CBDC development was “gaining momentum”, with…