Six major central banks will meet in April to discuss the development of digital currency from the central bank (CBDC).
The Japan Times reported on February. 6 that – according to a source familiar with this issue – the governors of different central banks will jointly discuss investigations into CBDCs. The group will also share considerations about potential challenges such as cross-currency settlement and cyber security.
The central banks of the European Union, the United Kingdom, Canada, Japan, Sweden and Switzerland are reported to meet in Washington D.C. when the participants will be attending an International Monetary Fund conference.
The meeting appears to be part of a recently announced broader cooperation between the central banks involved. In January, the Bank of England announced that it will investigate CBDCs with the other central banks and the Bank for International Settlements mentioned above.
According to The Japan Times, the institutions are likely to publish a report on the discussion later this year.
Following the announcement of Facebook’s Libra stablecoin last summer, many central banks started working or accelerated digital currency research. At the end of January, a concept of the Indian blockchain strategy suggested the development of a local CBDC.
Policy makers and financial institutions worldwide have stepped up their efforts in the field of CBDC research. Last month, the World Economic Forum established a consortium dedicated to designing a framework for digital currency management.