(Rejected 3) Top Class Banks in Talks Over Digital Currencies in Recent IMF Conference

In the month of April 2020, several major central banks will hold a meeting to debate on the development and deployment of the central bank of digital currencies(CBDC).

These findings were made known in a report from the Japanese Times news outlet on the 6th of Feb, 2020. The report was attributed to sources with close information about the situation. The meeting will see representatives of several banks coming together to share ideas and talk about joint research on CBDCs.

Furthermore, the representatives will share opinions on potential obstacles such as cybersecurity and cross-currency settlements.

The representatives of the banks include The central banks of the European Union, the United Kingdom, Canada, Japan, Sweden, and Switzerland to complete the list that will come together in Washington DC(USA) as the participants set to gather for the International Monetary Fund (IMF) conference.

According to the source of the report(Japan Times), the banking institution is most likely to release a well-detailed report on the discussion later this year.

The meeting looks likely to be part of a recently decided announcement to allow wider collaborations and relationships between all central banks involved. This January, the Bank of England made an announcement that it is set to research on the way forward for CBDC with the other aforementioned central banks and also adding the bank for International Settlements into the equation.

Ever since the announcement of the launch of Facebook’s Libra digital stablecoin last summer, many central banks seem to have taken a cue and have started to work on accelerating their research on digital currencies. At the end of January, A draft of India’s progress on blockchain suggested a move to develop a local CBDC.

As the landscape continues to shift in favor of digital currencies, policymakers and financial institutions are set to wake from their slumbers in order to retain and sustain their existence in the financial world.