Central banks of 6 governments – Canada, England, Japan, Sweden, Switzerland, and European Union – has joined efforts in assessing CBDC, reads the Bank of England press release from January 21:

“The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experience as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions”

According to press release the partnership between banks will be focused in assessing the viability of potential use-cases for CBDC, as well as sharing the technological know-how and coordinating with relevant institutions%

“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”

Head of the BIS Innovation Hub Benoît Cœuré and Deputy Governor of the Bank of England Jon Cunliffe will share the leadership position of the newly established group.

In the meantime, as Future Time previously reported, in December Central bank of Sweden Riksbank has already announced the e-krona pilot project. European Central Bank has also unveiled the CBDC proof-of-concept, reporting the readiness to maintain balance between privacy rights and needs for regulations.

Photo credit: Centralbanking.com

Follow us on Facebook, Twitter, Telegram, or Youtube!