Six large Central Banks collaborate in digital currency research
The Central Banks of Canada, the United Kingdom, Japan, the European Union, Sweden and Switzerland created a group with the Bank for International Settlements (BIS) to jointly investigate the digital currencies of the Central Bank (CBDC).
According to a press release published by the Bank of England on January 21, the aforementioned institutions will share their experience with other group members as they study cases of potential use of CBDC in their respective jurisdictions. The announcement reads as follows:
“The group will evaluate the cases of CBDC use; economic, functional and technical design options, including cross-border interoperability; and the exchange of knowledge about emerging technologies. It will coordinate closely with the relevant institutions and forums, in particular, the Financial Stability Board and the Committee on Payment and Market Infrastructure (CPMI). “
The research group will be co-chaired by the head of the BIS Innovation Hub, Benoît Cœuré, and Jon Cunliffe, deputy governor of the Bank of England and chairman of the Payment and Market Infrastructure Committee. The group will include high-level representatives of the participating Central Banks and the BIS.
The Central Banks pursue the development of the digital currency
Several Central Banks around the world have begun to investigate, then test and actively search for various forms of digital currencies, including CBDCs.
As Cointelegraph reported earlier this month, the president of the European Central Bank, Christine Lagarde, supports the institution’s efforts to develop a CBDC. Lagarde said there is an urgent demand for fast and low-cost payments, and that the ECB must take a leading position, rather than remain observers of a changing world.
While most of the other Central Banks are still discussing whether implementing a CBDC is a good idea, the People’s Bank of China recently announced that it has completed the upper layer design and joint testing of the digital yuan.
It is possible that blockchain-bitcoin technology as a genesis of this revolutionary new way of offering financial services to users around the world, to lower transaction costs is evidenced in the innovation of the projects of the different governments to develop a digital currency that does not depend on a centralized system and therefore capable of restricting, through economic sanctions, countries that do not follow the opinions of homogenized banking in a few hands. Waiting for new announcements
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.