Copy link
Increase text size
Decrease text size
Link copied

Newly formed central bank digital currency research group to hold first meeting in April: Report

Photo by Sebastiano Piazzi on Unsplash

Thu, 06 Feb 2020, 12:53 pm UTC

The recently formed consortium of six central banks and the Bank for International Settlements (BIS) is going to hold its first meeting in mid-April, Nikkei reported.

The Bank of Canada (BoC), the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), the Sveriges Riksbank, and the Swiss National Bank (SNB) teamed up with the BIS last month to look into potential cases for central bank digital currency (CBDC).

As per the report, the heads of the central banks and the BIS will meet in April for the first time. The meeting would focus on a discussion around the development of their own digital currencies to counter Facebook’s Libra or digital yuan planned by the People’s Bank of China.

The central bank chiefs aim to create standards that will govern how digital currencies are used in cross-border transfers. They will also focus on security measures among other things.

Masazumi Wakatabe, deputy governor of the Bank of Japan, said that it is “quite natural” for the group to explore how to make international transactions more convenient.

Before the scheduled meeting, senior representatives of the member banks, such as deputy governors and directors, along with working-level officials, will prepare their findings. An interim report is expected to be issued by the group in June, followed by a final report in the autumn.

Last month, the World Economic Forum (WEF) unveiled its CBDC Policy-Maker Toolkit to provide high-level guidance and information for the deployment of central bank digital currencies (CBDCs). The toolkit aims to help central bank policy-makers “evaluate whether CBDC is the right fit for their economy and guide them through the evaluation, design and deployment process.”

In addition, the WEF has announced a global consortium that will focus on designing a governance framework for cryptocurrencies, including stablecoins.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,157.20 (+2.71%)
  • Ethereum (ETH) $280.92 (+0.79%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $413.30 (+0.58%)
  • Bitcoin SV (BSV) $305.70 (+0.53%)
  • Bitcoin (BTC) $10,157.20 (+2.71%)
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
12:17
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
11:39
IRS invites crypto firms to discuss cryptocurrencies and related issues
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:39
Banking giant Citi backs blockchain trade finance network Contour
09:47
Bank of Korea to develop blockchain-based bond management system
07:22
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
06:41
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
06:30
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft