[ExI] Five Major Central Banks Unite to Explore Launching Their Own Digital Currencies

[JADE AND EUNICE CHANNEL]

"While central banks *have* taken cryptocurrencies more and more seriously
over the years, they also remain the ultimate authorities any rising new
form of money must reckon with before knocking down the system. If anything
replaces fiat currencies (in stable economies, at least), it’d likely need
central bank support or even be issued by a central bank."

"To that end, the Bank of England, Bank of Japan, European Central Bank,
Bank of Canada, and Sveriges Riksbank (Sweden’s central bank) along with
the Bank of International Settlements recently announced that they’ve
banded together
<https://www.bankofengland.co.uk/-/media/boe/files/news/2020/january/central-bank-group-to-assess-potential-cases-for-central-bank-digital-currencies.pdf>
to research central bank digital currencies."

"The new group—co-chaired by Benoît Cœuré, head of the Bank of
International Settlements (BIS) Innovation Hub, and Jon Cunliffe, deputy
governor of the Bank of England and chair of the Committee on Payments and
Market Infrastructures at the BIS—will openly share their findings and
experiences. They’ll look into emerging technologies, use cases, and
digital currency design options, including how such currencies would work
across national borders."

"The group’s formation isn’t a commitment to launch a central bank digital
currency, but the coalition shows how far the idea has come and how much
weight it has with central banks. Indeed, a survey conducted by the BIS a
year ago found some 70 percent of central banks [PDF]
<https://www.bis.org/publ/bppdf/bispap101.pdf> had central bank digital
currency projects in the works or underway."

https://singularityhub.com/2020/01/23/five-of-the-worlds-biggest-central-banks-unite-to-research-digital-currencies/
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