Some of the most important central banks in the world are forming a commission that attempts to explore crypto assets, specifically their potential use cases and the creation of central bank digital currencies (CBDC) in their respective jurisdictions.
According to the annual economic report published on the website of the Bank for International Settlements (BIS), the commission will be chaired by the current head of the BIS innovation laboratory, Benoît Cœuré, and Jon Cunliffe, deputy governor of the Bank of England and chair of the Payment Committee and Market Infrastructure (Committee on Payments and Market Infrastructures – CPMI).
Among the banking entities that are part of the conglomerate are: the Bank of England, the European Central Bank, the Bank of Japan, the Bank of Canada, the Swiss National Bank and the Sveriges Riksbank of Sweden, whose main objective will be to generate the necessary conditions to improve the efficiency in the financial industry.
The BIS report also specifies that the commission will focus on the economic, functional and technical nature of a CBDC.
For the Coingape media, however, the prospect of a possible release of sovereign currencies is far from being a reality, as it will be necessary to fill several regulatory loopholes. That is the case of China which authotized the development of its digital currency in 2018 but the Asian country has not launched it yet.