The association will be made up of the Bank of England, Bank of Canada, BOE, the Bank of Japan, the European Central Bank, the Riksbank and the Swiss National Bank, along with the Bank for International Settlements. 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.
Still, absent from the group is the People’s Bank of China, which is poised to become the first major central bank to issue a digital version of its currency, according to Bloomberg. The debate around such a currency intensified with Facebook’s announcement to create a digital currency, Libra, back in 2019, plus Mark Carney’s, BOE Governor, proposal for an overhaul of the global financial system, and ECB policy makers, under the new leadership of Christine Lagarde, who have already discussed the idea of issuing their own digital currency.
Christine Lagarde has long argued that central banks should consider the merits of such developments, which she believes include public goals such as financial inclusion, consumer protection and payment privacy.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.