Central banks set up digital currency group

Head and shoulders image of Jon Cunliffe, Bank of England Deputy Governor
JON CUNLIFFE: The Bank of England’s deputy governor will co-chair the digital currency group

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), are to work together “to assess potential cases for central bank digital currencies”.

The banks have formed the new group “to share experience as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions,” the Bank of England says.

“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.

“It will closely coordinate with the relevant institutions and forums — in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).

“The group will be co-chaired by Benoît Cœuré, head of the BIS Innovation Hub, and Jon Cunliffe, deputy governor of the Bank of England and chair of the CPMI. It will include senior representatives of the participating institutions.”

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