Six major central banks will work together on researching digital currencies after People’s Bank of China has stated that it’s progressing smoothly with the development of their government-backed virtual Yuan.
You can read the PBoC’s news release in Chinese by clicking here.
Bank of England has stated that the central banks included in this research will be the following;
- Bank of Canada
- Bank of England
- Bank of Japan
- European Central Bank
- Sveriges Riksbank (Sweden)
- Swiss National Bank
The six central banks, together with the Bank for International Settlements, has created a group that will do the following:
“The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).”
You can read the full news release from the Bank of England by clicking here.
European Central Bank image via Wikimedia.