In April, executives of six major central banks from around the world will organize a meeting in Washington to talk about collaborative research on digital currencies.
According to a statement, delegates from the central banks, which include Europe, Switzerland, Japan, Canada, Sweden, and Britain, will talk about digital currencies and their own Central Bank Digital Currency (CBDC).
These banks established a working group with the Bank for International Settlements (BIS) in January for joint research on central bank digital currencies.
The central bankers want to create standards that will regulate how digital currencies are operated to generate international payments between the banks.
Security regulations will be another crucial issue that will be debated.
This intended meeting will take place in Washington in April.
Senior delegates of the banks, like the deputy governors and directors, alongside working-level officials, will ready their findings before the leaders meet on the sidelines of an international conference in Washington.
The group hopes to disseminate a temporary report in June and a decisive report in the autumn.
Banks to examine how digital currencies could stimulate international payments
At the meeting, the central banks will talk about how digital currencies could facilitate international payments.
They would also discuss their outcomes on central bank-issued digital currencies.
The Bank of International Settlements (BIS) will also be present at the meeting.
The deputy governor of Japan’s central bank, Masazumi Wakatabe, said that it is relatively natural to evaluate how to make international marketings more effective.
Central Banks arranging its digital currency
An official from the Bank of Japan said that the bank has to be available and deliver if the need for a centralized cryptocurrency rises in the country.
Bank of Japan official, Masayoshi Amamiya, remarked that the organization is readying for the reality of a digital yen.
China is all prepared to be the first major country to issue its CBDC this year.
Nevertheless, the People’s Bank of China has not disclosed any official timeline for the takeoff of the cryptocurrency.
It is, however, expected to launch this year.