Six Major Central Banks To Meet in April to Discuss Joint Research On Digital Currencies

2020-2-6 18:08

Six central banks issue an interim report on their discussion in June Fed board member Lael Brainard says essential to remain on the frontier of CBDC research People have more faith in central banks than tech companies as issuers of digital currency finds a survey

The heads from 6 major central banks including the European Central Bank and Bank of Japan will have their first meeting in mid-April regarding shared research on virtual currencies, reported Nikkei newspaper on Thursday.

Just last month, the central banks of the eurozone, Britain, Canada, Sweden, Switzerland, and Japan, announced a plan to share their findings regarding the issues around the future introduction of central bank digital currencies.

The 6 central bankers and the Bank of International Settlements will gather in Washington this April to brainstorm ways to analyze cross-border settlement and security concerns.

They plan to issue an interim report on their discussion in June and the final report around autumn.

Essential to remain on the frontier of CBDC research – US

While the likes of Treasury Secretary Steven Mnuchin and Federal Reserve Chairman don't see the need to issue a digital dollar in the near future, the Fed does see the need for active public-private sector discussions on regulatory issues related to digital currencies and the threat to the stability of financial systems. Fed board member Lael Brainard said Wednesday in a speech at a symposium in California,

“Given the dollar’s important role, it is essential that we remain on the frontier of research and policy development regarding CBDC (central bank digital currency).”

China meanwhile is moving towards issuing a digital yuan. Last month, the People's Bank of China said that the development of government-backed digital currency is progressing “smoothly.”

People have more faith in central banks than tech companies

In other news, according to a survey published by Omfif, central banks are the preferred issuers of digital currency than tech giant companies.

Social media giant Facebook has been planning to bank the billions of under and unbanked population through its cryptocurrency Libra. While Facebook has been banking on its large global users base to launch it, the latest poll by the Official Monetary and Financial Institutions Forum found that people have more faith in central banks.

More than half of the respondents of the survey of 13,000 people in 13 countries said they would prefer a digital currency issued by their monetary authority than major internet technology companies which are the least trusted.

A survey of BIS also determined that an increasing number of central banks are looking into issuing digital currencies. Facebook’s digital currency plans, however, have been met with skepticism with authorities concerned about users’ privacy and the threat it may pose to fiat currencies' sovereignty.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Central African CFA Franc (XAF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 XAF

central currencies bank research major banks mid-april

central currencies → Результатов: 126


Фото:

Bank of Canada Warms To National Cryptocurrency, Will it Compete Against Bitcoin?

Leaks within the Bank of Canada show officials are considering the development of a national cryptocurrency. As such, with interest in central bank digital currencies (CBDCs) on the rise, could it threaten bitcoin? National Cryptocurrency Mike Eppel, Senior Business Editor at 680 News, has revealed that Canada’s central bank is considering the development of a.

2019-10-18 11:16


New BIS Innovation Hub Center Will Study Central Bank Digital Currencies (CBDCs) Integration

Central Bank Digital Currencies (CBDCs) are an important subject in Switzerland right now. The Swiss National Bank (SNB) has recently started a partnership with the Bank for International Settlements (BIS) to begin a study on CBDCs, which will be conducted at the BIS Innovation Hub Center, which is based in Switzerland. According to the latest […]

2019-10-9 01:13


Фото:

Crypto Isn’t Sound Money, Says Swiss Central Bank Official

Swiss central bank official Thomas Jordan says crypto isn’t sound money but stablecoins have the potential to see widespread adoption. Crypto Won’t See Mainstream Adoption Speaking during a recent event at the University of Basel, Jordan — chairman of the governing board of the Swiss National Bank (SNB), argued against the value proposition of crypto as currencies.

2019-9-19 17:00


Federal Reserve Chair Jerome Powell Talks About Demand Of Central Bank Digital Currencies

The chair of the U. S. central bank (Fed), Jerome Powell, recently spoke about some of the hottest crypto subjects during a forum sponsored by the Swiss Institute of International Studies. During his presentation, he was asked whether central banks should issue their own centrally-backed cryptos and if they were losing an opportunity for not […]

2019-9-7 03:03


Фото:

Rwanda Studies CBDCs To Minimize Transaction Cost and Maximize Output

The Rwandan Central Bank is interested in exploring central bank digital currencies to reduce the costs associated with transacting by optimizing efficiency. As per BNN Bloomberg, August 22, 2019, Rwanda’s Central Bank looks to authorities in Canada, Singapore, and Holland for inspiration as they have successfully studied the applications of blockchain.

2019-8-23 11:00


China’s central bank fast-tracks R&D of its legal digital currency

The People’s Bank of China noted that they are going to track the development trend of virtual currencies of China and foreign in order to strengthen Internet financial risk remediation. After mulling over its centrally owned digital currency, China accelerated its research and development, according to the statement released by the People’s Bank of China […] The post China’s central bank fast-tracks R&D of its legal digital currency appeared first on AMBCrypto.

2019-8-3 11:42


Фото:

New ECB Boss Christine Lagarde Could Enact Bitcoin Friendly Legislation

Bitcoin and crypto-supportive legislation could be on the way now that Christine Lagarde has been selected to serve as the new European Central Bank president. Will the ECB Support Bitcoin? Recently nominated European Central Bank (ECB) president Christine Lagarde has a history of making statements which cryptocurrency investors interpret as being supportive.

2019-7-8 23:02


Central Bank Crypto Could Damage Entire Economies, Warns Bank of Japan

The deputy governor of the Bank of Japan, Masayoshi Amamiya, has warned that the creation of crypto by central banks could have a negative impact on economies, Reuters reports. According to Amamiya, Central Bank Digital Currencies (CBDCs) had the potential to take away the credit channels of commercial banks if they managed to replace private […] The post Central Bank Crypto Could Damage Entire Economies, Warns Bank of Japan appeared first on CCN Markets

2019-7-6 17:36


Dukascash Stablecoin Launches by Swiss Bank Dukascopy, Backed by Three Fiat Currencies

Reports circulated yesterday that the Swiss SIX Stock Exchange was encouraging the local central bank to launch a stablecoin that could be used within their country. Between that encouragement and the recent changes to the Libra whitepaper, it is clear that the market desires another stablecoin, and the Dukascopy Swiss bank is listening. According to […]

2019-6-28 00:24


Wholesale Central Bank Digital Currency may enter the market in 5-10 years, but crypto is already here

With the crypto community trying to drive massive crypto adoption, the central banks might just be thinking of launching wholesale Central Bank Digital Currency [w-CBDC]. ING Vysya, a privately owned Indian multinational bank released an article that talked about the new money and that central banks might partner with financial institutions to introduce digital currencies […] The post Wholesale Central Bank Digital Currency may enter the market in 5-10 years, but crypto is already here appeared first on AMBCrypto.

2019-6-22 04:30