The leaders of six major central banks are reportedly considering holding a meeting in mid-April in Washington to discuss joint research on digital currencies.
According to a report published by Nikkei, representatives from the central banks of Europe, Japan, Canada, Sweden, Britain, and Switzerland are to share their findings at the meeting in April to look at the potential creation of their own digital currencies.
The planned meeting will also be attended by the Bank of International Settlements (BIS). In it the central bankers are reportedly going to discuss how digital currencies could streamline international payments, while also looking at the security measures they may need to adopt.
Speaking to Nikkei Masazumi Wakatabe, deputy governor of Japan’s central bank, said:
It's quite natural to consider how to make international transactions more convenient.
As CryptoGlobe reported, a Bank of Japan official, Masayoshi Amamiya, recently said the organization is preparing for the reality of a digital yen as it had to be ready to issue a central bank digital currency (CBDC) should demand soar in Japan. The Bank of Japan has, however, clarified it doesn’t plan on issuing a CBDC in the near future.
The major banks that will be meeting at the sidelines of an international conference in Washington in April are to set to release an interim report in June, and a final one around autumn.
Central banks throughout the world have started looking into the possibility of launching CBDC some time ago, but started discussing the issue more frequently after Facebook announced the efforts of the Libra Association to launch a private-sector stablecoin called Libra.
The People’s Bank of China is reportedly the frontrunner in the drive to create a CBDC, although details on its project are still scarce. Venezuela has launched an oil-backed cryptocurrency called Petro, which some local merchants refer to as a “scam.”
Featured image via Pixabay.