Banks study pros and cons of issuing their own cryptocurrency

A group of banking institutions in the world is conducting an investigation, which analyzes the possibilities of these institutions for issuing their own cryptocurrencies.

The study group is made up of the European Central Bank, the Bank of Japan, the Bank of Canada, the Bank of England, the Riksbank of Sweden and the National Bank of Switzerland.

Through a statement they announced that they will evaluate the case of the best cryptocurrencies and how they behave within their own jurisdictions.

For its part, the Central Bank of Sweden has been conducting this investigation on its own, which resulted in a pilot project that was generated after the decrease in the use of cash in the nation.

Existing cryptocurrencies, such as bitcoin, are not suitable for paying in the everyday world because their value can fluctuate sharply. Facebook supported the libra project in search of a stable cryptocurrency, or stablecoin linked to existing ones.

K. Tovar

Source: Eleconomista