Six Major Central Banks To Discuss The Development Of CBDC
Six Major Central Banks To Discuss The Development Of CBDC
February 6, 2020
Six Major Central Banks To Discuss The Development Of CBDC
Six Major Central Banks To Discuss The Development Of CBDC
February 6, 2020

Six major central banks will meet in April to discuss the development of central bank digital currencies (CBDC).

Today, on February 6, The Japan Times reported that according to a source familiar with the matter, the meeting will see the governors of several central banks discuss joint research on CBDCs. Furthermore, the group will share considerations on possible challenges such as cross-currency settlement and cybersecurity. 

However, the central banks of the European Union, the United Kingdom, Canada, Japan, Sweden, and Switzerland will reportedly meet in Washington D.C., when the participants will be there for an International Monetary Fund conference. 

The meeting appears to be part of a recently announced broader collaboration between the involved central banks.

In January, the Bank of England announced that it will research CBDCs with the other aforementioned central banks and the Bank for International Settlements.

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According to The Japan Times, the institutions will likely release a report on the discussion later this year.

After the announcement of Facebook’s Libra stablecoin last summer, many central banks started working or accelerated research on digital currencies. At the end of January, a draft of India’s strategy on blockchain suggested the development of a local CBDC.

Thus, policymakers and financial institutions worldwide have been ramping up efforts in CBDC research. Last month, the World Economic Forum created a consortium dedicated to designing a framework for digital currency governance.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.