Major Central Banks Announce Cooperation On Efforts Regarding Cryptocurrencies

Some major central banks, including that of Britain, Japan, and Sweden, have reportedly come together on cooperation towards cryptocurrencies. The organizations will share their experience in a dedicated group.

Major Banks Come Together To Work On Cryptocurrencies

Major central banks are stepping up on the matter of cryptocurrencies. According to a Reuters report, the banks of Britain, the Eurozone, Japan, Sweden, and Switzerland, will be entering a dedicated group to discuss potential cases for issuing their very own cryptocurrency.

The statement came from a joint statement from the Bank of England and the European Central Bank.

The dedicated group will reportedly be headed by the former official of the ECB, Benoit Coeure. Interestingly enough, he will also be assisted by the Bank of International Settlements (BIS).

Efforts Are Getting Serious

It seems like news about central-bank issued cryptocurrencies is getting more and more consistent. However, the sentiment of different institutions towards the notion feels rather controversial.

Just a few days ago, the President of Germany’s Central Bank, Jens Weidmann, said that they need to slow down with regulations on the “digital euro” and Facebook’s cryptocurrency project, Libra. Australia has also stated that there’s no current need for a digital currency of the kind.

On the other hand, however, there are countries like Korea and Russia. The head of Russia’s Central Bank, Elvira Nabiullina, recently said that they plan to take action towards the creation of their own digital currency. Moreover, she also revealed that they have even started testing it in a regulatory sandbox.

At the same time, the Bank of Korea, took a serious step towards the same, employing a task force to research a central bank cryptocurrency.

Whether or not the creation of a CBDC would be a good thing for existing cryptocurrencies, the fact is that blockchain-based technology and digital assets based on it are receiving serious recognition. Moreover, it comes from established institutions, which legitimizes their use cases even further.