Market participants are “frustrated” with the pace at which wholesale central bank digital currencies (CDBCs) are being developed, new research has found.

The paper, published last week by the Cambridge Centre for Alternative Finance (CCAF), identifies an “innovation gap” between the public and private sectors on the development of wholesale CBDCs. It says market participants think there is a need to accelerate development, while central banks are taking a more cautious approach.

The authors –