Central banks form group to explore digital currencies

A group of central banks, including the Bank of Canada, Bank of Japan, Bank of England, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank and the Bank of Settlements have formed a group to assess the case for creating digital currencies in their home jurisdictions, according to a release from the BIS. 

Benoit Coeure, head of the BIS Innovation Hub and Jon Cunliffe, deputy governor of the Bank of England and chair of the Committee on Payments and Market Infrastructures, will co-chair the group. 

The group will work on several areas, including cross-border interoperability, use cases, functional and technical design choices and other areas.