Central banks pool brainpower on digital currencies – Government & civil service news

Sir Jon Cunliffe is co-chair of the newly-formed group with Benoît Cœuré. (Photo by Felix Clay, courtesy Bank of England/flickr).

A group of the world’s most influential
central banks have teamed up to pool expertise on central bank digital currencies.

The Bank of Canada, the Bank
of England (BoE), the Bank of Japan, the Sveriges Riksbank (Sweden) and the
Swiss National Bank, together with the European Central Bank (ECB) and the Bank
for International
Settlements (BIS), are to share experiences as they assess the potential for
central bank digital currency (CBDC) in their home jurisdictions. The move was confirmed in an announcement last
week.

The newly formed group will assess
CBDC use cases; economic, functional and technical design choices, including
cross-border interoperability; and the sharing of knowledge on emerging
technologies.

It will co-ordinate with relevant
institutions and forums, including the Switzerland-headquartered Financial
Stability Board (FSB)…