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Money Central Banks Team Up to Study Case for Digital Currencies

10:15  22 january  2020
10:15  22 january  2020 Source:   msn.com

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Institutions across the world are teaming up to assess the case for central bank digital currencies . The debate around a digital currency backed by central banks intensified last year when BOE Governor Mark Carney laid out a radical proposal for an overhaul of the global financial

(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. Institutions across the world are teaming up to assess the case for central bank digital currencies .

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Some of the world’s major central banks are teaming up to assess potentially developing their own digital currencies, acknowledging that their role is being challenged by new technologies and private sector initiatives such as Facebook Inc.’s Libra.

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Some of the world's major central banks are teaming up to assess potentially developing their own digital currencies , acknowledging that their role is being A group has been formed in order to "share experience as they assess the potential cases for central bank digital currency in their home

Central banks team up to study the case for digital currencies https://www.bloomberg.com/news/articles/2020-01-21/ central - banks - team - up - to - study - case - for - digital - currencies … via @_DavidGoodman

A group has been formed in order to “share experience as they assess the potential cases for central bank digital currency in their home jurisdictions,” according to joint statements on Tuesday. The body will be made up of the Bank of England, Bank of Canada, BOE, the Bank of Japan, the European Central Bank, the Riksbank and the Swiss National Bank, along with the Bank for International Settlements.

“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 BOE statement said. It will be co-chaired by BOE deputy governor Jon Cunliffe and former-ECB official Benoit Coeure -- now head of the BIS’s innovation hub.

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The study group is made up of the European Central Bank , the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank . They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions.

Some of the world's largest central banks are teaming up on an initiative to explore digital currencies . The central banks of Britain, Japan, the euro zone, Sweden and Switzerland have grouped up with the Bank for International Settlements (BIS) to assess potential use cases for such

Absent from the group is the People’s Bank of China, which is poised to become the first major central bank to issue a digital version of its currency.

Coeure has previously said he’s “personally pretty sure” that digital tokens backed by public authorities will be part of the future.

The debate around such a currency intensified last year when BOE Governor Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve with a Libra-like virtual token.

While Facebook’s plans sparked a backlash among governments, Libra raised the question of whether public authorities risk being left behind as consumers turn to private-sector initiatives that skirt the traditional banking system.

ECB policy makers, under the new leadership of Christine Lagarde, have already discussed the idea of issuing their own digital currency. She has long argued that central banks should consider the merits, which she believes include public goals such as financial inclusion, consumer protection and payment privacy.

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The study group is made up of the European Central Bank , the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank . They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions.

The study group is made up of the European Central Bank , the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank . They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions.

Internal documents have shown the ECB also sees a case for such a move, if the private sector can’t make cross-border payments faster and cheaper.

Lagarde could face pushback though, including from Jens Weidmann, who heads Germany’s Bundesbank and has urged caution.

Another key absence from the new group is the Federal Reserve, which has so far largely distanced itself from the concept of a CBDC. In December, Treasury Secretary Steven Mnuchin said he and Fed Chairman Jerome Powell see “no need” for the U.S. to create a digital currency in the near future. Yet Powell has said the Fed is monitoring the activities of other central banks to identify potential benefits.

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To contact the reporters on this story: David Goodman in London at dgoodman28@bloomberg.net;Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Brian Swint

For more articles like this, please visit us at bloomberg.com

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