The Institute intends to build bridges between digital currencies and traditional banking. It has a focus on payment instruments in wholesale and retail markets as well as on central bank digital currencies (CBDC).
Since 2018, OMFIF has already been publishing in-depth reports on digital currency and CBDCs.
The @OMFIF, an independent think tank for central banking with active members such as Bank of England or Deutsche Bundesbank, sets up the OMFIF’s Digital Monetary Institute also focussing on CBDC. Find the journal following this link.https://t.co/OcYbqjPAtV — International Token Standardization Association (@itsa_global) May 22, 2020
Bhavin Patel, OMFIF’s head of fintech research said:
“We believe there will be more central bank digital currency projects in the next few years, both on the wholesale and retail sides of the market and in many jurisdictions including the euro area.”
The founding members of the institute include policymakers, technologists, financiers and regulators, along with some blockchain-focused companies like Cypherium.
Patel explained that such companies “bring technical expertise to an on-going conversation among policy-makers and financial analysts.”
Moreover, the Digital Monetary Institute plans a regular program of meetings and forums bringing public and private sector members to discuss relevant issues.
#Video: In April, @DNB_NL announced it was ready to play a leading role in a #Eurosystem #CBDC experiment. At the inaugural meeting of our Digital Monetary Institute, Peter Wierts elaborated on the role CBDC could play amid declining cash use.https://t.co/HZalTmOuvu — OMFIF (@OMFIF) May 19, 2020
Recent attendees of OMFIF roundtable discussions have included senior representatives of:
The European Central Bank
The Bank for International Settlements
Central Banks from- Europe, Japan, China and Australia
Cypherium CEO Sky Guo explained on having access to so many key economists and financial policy-makers:
“Through the Institute’s events and conferences, we can explore practical and detailed ways in which Cypherium’s technology may benefit our global financial systems. The world and markets are ever-changing, and we are in uncertain times. Blockchains have become one of the indisputable innovation engines of our time, and they will certainly help us navigate toward a more prosperous future.”