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) $9,666.08 (-0.30%)
  • Ethereum (ETH) $242.50 (-0.17%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $256.10 (-0.32%)
  • Bitcoin SV (BSV) $194.73 (-0.88%)
  • Bitcoin (BTC) $9,666.08 (-0.30%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft