Central Banks to assess central bank digital currencies use cases

by , on Feb 19, 2020 01:29:55 PM

A group of central banks consisting of the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank as well as the Bank for International Settlements (BIS) will be assessing the potential of developing their own digital currencies.

The group will be assessing potential use cases for a central bank digital currency (CBDC) such as economic, functional and technical design choices and sharing of knowledge of emerging technologies. The assessment will be carried out in light of potential use in the Central Banks’ respective home jurisdictions.

The group will be chaired by Benoît Cœuré, Head of the BIS Innovation Hub, and Jon Cunliffe, Deputy Governor of the Bank of England and Chair of the Committee on Payments and Market Infrastructures (CPMI). The group will be coordinating with the Financial Stability Board and the CPMI, among other relevant institutions.

The press release issued by the European Central Bank may be accessed here. Get in touch with us on [email protected] to find out more!