Central banks in six countries, including Britain, Switzerland and Canada, are scheduled to meet in Washington in mid-April for their first meeting to discuss issues related to digital cryptocurrencies. Last month, the central banks of Canada, the United Kingdom, Japan, the European Union, Sweden and Switzerland set up a team with the Bank for International Settlements (BIS) to study issues related to digital cryptocurrencies and share their experiences.
According to a Bank of Japan executive, the timetable for the group’s meeting has not yet been set, but central banks must be flexible in their approach to digitalization in order to exert their influence as currency issuers.
“In Japan, we don’t have any plans to issue the Central Bank’s digital currency (CBDC),” BoJ board member Masako Masai said at a news conference in Nara, western Japan, today. ”
But Takako Masai also said: “But we need to make an effort to prepare for a surge in public demand for the central bank’s digital currency.” ”
That’s why the six central banks announced the partnership last month, deciding to share their findings and assess the likelihood of issuing digital currencies.
The leaders of the six central banks and the Bank for International Settlements will meet in April to discuss ways to simplify cross-border settlement and security issues, Japan’s Nikkei News said today. These problems need to be addressed if central banks issue digital currencies in the future. The six central banks plan to release a mid-term report in June and a final report around the autumn.
Central banks around the world are now stepping up the pace of issuing their own digital currencies, spurred by Facebook’s launch of the digital cryptocurrency Libra. Facebook’s Libra currency has raised questions about whether governments will continue to control money for decades to come.
Among the major central banks, the central bank has become a leader in creating its own digital currency, although the details of its projects remain scarce.