Six central banks, along with the Bank for International Settlements (BIS), have created a group to assess the potential use cases for a central bank digital currency (CBDC) in their home jurisdictions.
The central banks involved in the group are: the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), the Sveriges Riksbank, the Swiss National Bank (SNB) and the Bank of Canada (BoC).
According to a release issued today, the group will assess CBDC use cases, as well as economic, functional and technical design choices. The group will also analyse issues such as cross-border interoperability and the sharing of knowledge on emerging technologies.
The group will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI). The group will be co-chaired by Benoît Cœuré, head of the BIS innovation hub, and Jon Cunliffe, deputy governor of the BoE and chair of the CPMI, and will include senior representatives of the participating institutions.