Blockchain Assets Heat Up As World’s Leading Central Banks Join Forces to Explore New Financial Infrastructure

Blockchain Assets have progressively captured the attention of world economies, and the heat will not ease up any sooner. The new group of banks, co-chaired by European Central Bank Board Member Benoit Coeure and Bank of England Deputy Governor Jon Cunliffe is set with an aim to explore how the emerging technologies can impact cross-border transactions and other central banking functions.

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions.

The findings are expected to seek on the potential use cases of distributed ledger technology or the blockchain technology in the financial markets and resulting implications for public authorities. Example include studies examining the technology, economics and regulatory implications of central bank digital currencies.

The group will closely coordinate with the relevant institutions and forums, in particular, with the financial stability board and the committee on payments and market infrastructures (CPMI).