More

    Six Major Central Banks To Meet in April to Discuss Joint Research On Digital Currencies

    • Six central banks issue an interim report on their discussion in June
    • Fed board member Lael Brainard says essential to remain on the frontier of CBDC research
    • People have more faith in central banks than tech companies as issuers of digital currency finds a survey

    The heads from 6 major central banks including the European Central Bank and Bank of Japan will have their first meeting in mid-April regarding shared research on virtual currencies, reported Nikkei newspaper on Thursday.

    Just last month, the central banks of the eurozone, Britain, Canada, Sweden, Switzerland, and Japan, announced a plan to share their findings regarding the issues around the future introduction of central bank digital currencies.

    The 6 central bankers and the Bank of International Settlements will gather in Washington this April to brainstorm ways to analyze cross-border settlement and security concerns.

    They plan to issue an interim report on their discussion in June and the final report around autumn.

    Essential to remain on the frontier of CBDC research – US

    While the likes of Treasury Secretary Steven Mnuchin and Federal Reserve Chairman don't see the need to issue a digital dollar in the near future, the Fed does see the need for active public-private sector discussions on regulatory issues related to digital currencies and the threat to the stability of financial systems. Fed board member Lael Brainard said Wednesday in a speech at a symposium in California,

    “Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding CBDC (central bank digital currency).”

    China meanwhile is moving towards issuing a digital yuan. Last month, the People's Bank of China said that the development of government-backed digital currency is progressing “smoothly.”

    People have more faith in central banks than tech companies

    In other news, according to a survey published by Omfif, central banks are the preferred issuers of digital currency than tech giant companies.

    Social media giant Facebook has been planning to bank the billions of under and unbanked population through its cryptocurrency Libra. While Facebook has been banking on its large global users base to launch it, the latest poll by the Official Monetary and Financial Institutions Forum found that people have more faith in central banks.

    More than half of the respondents of the survey of 13,000 people in 13 countries said they would prefer a digital currency issued by their monetary authority than major internet technology companies which are the least trusted.

    A survey of BIS also determined that an increasing number of central banks are looking into issuing digital currencies. Facebook’s digital currency plans, however, have been met with skepticism with authorities concerned about users’ privacy and the threat it may pose to fiat currencies' sovereignty.

    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
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he 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

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,286FansLike
    2,766FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    PAX Stablecoin Issuer Paxos Settles First US Equity Trade Using Blockchain

    The first blockchain-based settlement of US equities was claimed by Paxos, the New York-regulated cryptocurrency startup, Instinet, the broker dealer owned by Nomura, and...

    Ripple (XRP) Price Analysis (February 20)

    Key Highlights XRP's price strength has once again overpowered by the US dollar market worth. A fiercely breakthrough of a $0.30 mark will portend...

    Sweden's Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

    Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona. The pilot program...

    Australia’s National Stock Exchange Is Building A DLT-Based Real-Time Trading Platform

    Both companies listed publicly, NSX Ltd., which is the owner of the National Stock Exchange of Australia, and the financial institution known as iSignthis...

    Brazil Central Bank To Roll Out PIX, A Non-Crypto, QR-Based ‘Near Instant' Payment System

    Brazil’s Central Bank is set to launch a new payment system which it claims will offer near instant fund transfers. The new payment system...

    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.