Central Bank Digital Currencies to Be Explored by Bank of England

News
Tue, 01/21/2020 - 13:52
Alex Dovbnya
Major central banks are joining forces to explore the potential of launching central bank digital currencies
Cover image via 123rf.com

The Bank of England has collaborated with the European Central Bank and the Bank of Japan in order to explore the potential of central bank digital currencies, Yahoo! Finance reports. They will also be joined by central banks from Sweden and Switzerland.

Related
Crypto Is on the Verge of Breakout Decade: Deutsche Bank Strategist

French economist Benoît Cœuré, who used to sit on the Executive Board of the EBC, and Bank of England deputy governor Jon Cunliffe are expected to spearhead the task group. 

The aforementioned central banks will explore the potential use cases of creating CBDCs as well as their design process. Apart from that, this group is set to determine whether digital currencies would be applicable for cross-border transactions. 

“The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies,” the statement issued by the Bank of England states. 

Related
Crypto Disruption: French Central Bank to Start Testing Its Own Cryptocurrency in 2020

Central banks are racing ahead of each other to study digital currencies amidst fears that Facebook's controversial Libra coin that was announced last June could open a Pandora's box of similar private initiatives. 

As reported by U.Today, former CFTC chairman J. Christopher Giancarlo and Accenture teamed up to launch the "Digital Dollar Project" that was announced on Jan. 16.  

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy