on-demand

6 central banks to hold digital currency meeting in April – Nikkei

6 Leaders of six major central banks undertaking joint research on digital currencies are considering holding their first meeting in mid-April in Washington, the Nikkei newspaper reported on Thursday.

A Bank of Japan executive said no timetable has been fixed for any meeting of the group, but said central banks must respond flexibly to rapid digitalisation to stay relevant as issuers of money. “In Japan, we don’t have any plans now to issue central bank digital currencies (CBDC),” BOJ board member Takako Masai told a news conference in Nara, western Japan, on Thursday.

“But we need to make an effort so we’re ready to respond, in case public demand for central bank digital currencies rise dramatically,” she said.

The central banks of Britain, the euro zone, Japan, Canada, Sweden and Switzerland announced a plan in January to share their findings to look at the case for issuing digital currencies amid growing debate over the future of money. The leaders of the six central banks and the Bank of International Settlements will meet in April to discuss ways to streamline cross-border settlement and security issues that need to be addressed if central banks issue digital currencies in the future, the paper said.

 The six central banks plan to release an interim report in June and a final report around autumn, the Nikkei said without citing sources. Central banks across the world have quickened the pace at which they are looking at issuing their own digital currencies, also known as CBDCs. Facebook’s push to launch its Libra cryptocurrency has raised questions over whether nation states will continue to control money in the decades ahead. Of the major central banks, China’s has emerged as the frontrunner in the drive to create its own digitised money though details of its project are still scarce.

ALSO READ:  Lekki: ASCAB Identified The Barracks Of Soldiers Who Shot Protesters - Falana

The BOJ has undertaken a joint research project with the European Central Bank, but has said it has no plans to issue CBDCs in the near term.

Check Also

INEC planning to make NIN compulsory for voter registration

The Independent National Electoral Commission is considering making the National Identity Number a precondition for …

FG raised N2.36tn from capital market in 2020

The Nigerian Stock Exchange has disclosed that the Federal Government of Nigeria raised over N2.36tn …

Insecurity: Yoruba elders back Akeredolu on quit notice to herders living in forests

Elders in the South West have thrown their weight behind the governor of Ondo State, …

Leave a Comment