October 21, 2020

A group of central banks and BIS will discuss the possibility of issuing state cryptocurrencies in April

In mid-April, the leaders of six central banks and the Bank for International Settlements (BIS) will hold meeting in Washington to discuss the possibility of creating your own digital currencies.

According to a Nikkei report, the plannedthe meeting is the first event of a new group of central banks created last month amid growing concerns from financial authorities over the growing popularity of regulated digital currencies. The primary concern is Facebook’s stable libra and China’s digital renminbi.

According to the report, central banks plandiscuss how digital currencies can simplify international payments, and consider the security measures that may be required when issuing and using them.

“It’s natural to think about how to dointernational transactions are more convenient, ”said Masazumi Wakatabe, deputy governor of the Bank of Japan, on Wednesday, said Nikkei.

Among the largest economies, China is now closerall to launch the state digital currency. The People's Bank of China is actively testing its digital yuan. Now other central banks, including the US Federal Reserve, have become more serious about the possibility of issuing their own digital currency. This is partly due to the desire to avoid lagging behind China if it launches a globally used digital currency that can compete with the international status of the dollar.

According to Nikkei, the leadership of six bankswill prepare its conclusions on the concept of state cryptocurrency before the meeting of leaders in April at an international conference in Washington. The group will prepare an interim report by June, and a final progress report will be published in the fall.

Recall that at the end of January, the deputyBank of Japan Governor Masayoshi Amamiya said he was ready to issue a state cryptocurrency in the event of widespread public demand.