Recently Hiromi Yamaoka, the former head of payments and settlements at the Bank of Japan, said that Facebook’s Libra has forced central banks to research and consider issuing central bank digital currencies (CBDC). Currently China is leading the race in developing a CBDC but it appears that other nations are now attempting to play catch up.
In a press release, the Bank of England said that the central banks of Canada, the United Kingdom, Japan, the European Union, Sweden and Switzerland have joined hands with the Bank for International Settlements (BIS) to form a working group tasked with researching CBDCs. This group will “assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”
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