European banks teamed up to develop national cryptocurrencies

The Bank of England said that six central European banks will explore the potential of digital currenciesCentral Bank (CBDC).

In a Jan. 21 press release, the Bank of England, the Bank of Canada, the European Central Bank, Sveriges Riksbank, and the Swiss National Bank have teamed up to "share experiences" and explore in detail the prospects for a banking digital currency (CBDC) in the public financial system. 

The project will be supervised by the BankInternational Settlements (BIS) in close collaboration with international financial regulators. The group will be co-chaired by Bank of England Deputy Chairman John Canliff and former ECB spokesman Benoit Cur, who heads the BIS Innovation Center.

Financiers plan to explore the possibilities of digital currencies in the field of international transfers, as well as the technical aspects of the issue of such an asset.

It is noteworthy that some central banks, including the Central Bank of China, are already approaching the launch of a digital version of the national currency.As reported, the Central Bank of Australia recently completed the testing phase of its own digital currency.According to The Block, 18 central banks are already planning or developingown CBDC.