The central banks of Canada, the United Kingdom, Japan, European Union, Sweden and Switzerland created a group with the Bank for International Settlements (BIS) to jointly research central banking concern digital currencies (CBDC).

According to a press release published by the Bank of England on Jan. 21, the aforementioned institutions will share their experience with other group members as they study potential employ cases for CBDCs in their respective jurisdictions. The annunciation states:

"The group will assess CBDC use cases; economic, functional and technical pattern choices, including cantankerous-border interoperability; and the sharing of noesis on emerging technologies. It will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Lath and the Committee on Payments and Marketplace Infrastructures (CPMI)."

The research grouping will be co-chaired by head of the BIS Innovation Hub Benoît Cœuré and Jon Cunliffe, a Deputy Governor of the Bank of England and chair of the Committee on Payments and Market Infrastructure. The group volition include senior representatives from the participating central banks and the BIS.

Primal banks are pursuing digital currency development

A number of cardinal banks worldwide have begun to inquiry, pilot and actively pursue various forms of digital currencies, including CBDCs.

As Cointelegraph reported earlier this month, president of the European Central Banking company Christine Lagarde supports the institution's efforts in developing a CBDC. Lagarde said that at that place is urgent demand for fast and low-cost payments, and that the ECB should accept a leading position, rather than remaining observers of a changing earth.

While most of the other primal banks are still discussing whether implementing a CBDC is a good idea, the People's Bank of China recently appear that it has completed the top-layer blueprint and joint testing of the digital yuan.