Major Central Banks BOE, ECB, BoC, BoJ, BIS, SNB, and Riksbank Join To Assess Digital Currency Use

  • A group of major central banks to assess the potential cases for CBDC in their home jurisdictions
  • The group will be co-chaired by BOE deputy governor Jon Cunliffe and former-ECB official Benoit Coeure
  • PBOC and Federal Reserve absent from the group

The world’s major central banks are coming together to assess the development of their own digital currencies, now that their role is being challenged by new technologies and the entry of giants like Facebook, through Libra.

A group of central banks has been formed to “share experience as they assess the potential cases for central bank digital currency in their home jurisdictions,” according to joint statements on Tuesday.

This group will involve BOE, the European Central Bank, Bank of Canada, the Bank of England, the Swiss National Bank, the Riksbank, the Bank of Japan, and the Bank for International Settlements. BOE in a statement,

“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.”

The group will be co-chaired by BOE deputy governor Jon Cunliffe and former-ECB official Benoit Coeure, the current head of the BIS’s innovation hub. Coeure has previously said that he’s “personally pretty sure” that central backed digital currency will be coming in the future.

PBOC and Federal Reserve Absent from the group

The People's Bank of China is absent from the group, which is ready with the digital version of its currency yuan after five years of research.

Another key absence from the group is the Federal Reserve. The Fed has remained far from the concept of CBDC as Treasury Secretary Steven Mnuchin said in December that he and Fed Chairman Jerome Powell see “no need” for digital currency in the new future. But Powell has said the Fed is monitoring the activities of other central banks to look for potential benefits.

Former CFTC Chair, Christopher Giancarlo has partnered with Accenture to create a non-profit digital dollar, which will explore the creation of a US CBDC.

A CBDC to Counter Private Sector’s Advances

While Facebook is facing backlash from the government around the world for its fiat currency backed Libra, it certainly raised the question of whether public authorities would risk getting left behind.

The debate around a CBDC intensified last year with several central banks coming forward with their plans for digital currency.

Governor Mark Carney even laid out a proposal for the overhaul of the global financial system that will replace the dollar as a reserve currency with a Libra-like digital currency.

Under the new leadership of Christine Lagarde, ECB has been already discussing the idea of issuing its own digital currency. Lagarde has long been arguing that central banks need to consider the merits of such currency.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today