June 5, 2023

The largest Central Banks have created a group for the study of digital currencies (CBDC)

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Central banks of Canada, UK, Japan,The European Union, Sweden and Switzerland have formed a group with the Bank for International Settlements (BIS) to jointly research the digital currencies of the central bank (CBDC).

According to a press release published by the BankEngland January 21, the above institutions will share their experience with other members of the group in exploring possible options for using CBDC in their jurisdictions.

“The group will evaluate CBDC use cases, economic, functional and technical design, including cross-border compatibility, and exchange knowledge on new technologies.

It will closely coordinate its activities with relevant institutions, in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructure (CPMI). ”

The research team will be led by the head of BISInnovation Hub Benoit Chur and John Canliff, Deputy Governor of the Bank of England and Chairman of the Committee on Payments and Market Infrastructure. The group will also include senior representatives of the central participating banks and BIS.

Central banks around the world have begun to research and actively use various forms of digital currencies.

Earlier this month, the President of the EuropeanCentral Bank Christine Lagarde supports the CBDC’s efforts. Lagarde said that there is a demand for quick and inexpensive payments, and the ECB should take a leading position in this area so as not to remain observers in a changing world.

Although most other central banks are still debating whether CBDC is a good idea, the People's Bank of China is completing testing of the RMB.