Central bank group to assess potential cases for digital currency

Source: Xinhua | 2020-01-22

The European Central Bank (ECB) said Tuesday that the ECB and a number of central banks and financial institutions across the globe have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions.

The members of the group include the Bank of Canada, the Bank of England, the Bank of Japan, the ECB, Sweden's central bank Sveriges Riksbank, the Swiss National Bank, as well as the Bank for International Settlements (BIS).

According to an ECB statement, the group will assess CBDC use cases, the economic, functional and technical design choices, including cross-border interoperability, and the sharing of knowledge on emerging technologies.

The group will be co-chaired by Benoit Coeure, head of the BIS Innovation Hub, and Jon Cunliffe, deputy governor of the Bank of England and chair of the Committee on Payments and Market Infrastructures under the BIS.