Leading central banks around the world, including the BOE, ECB, BOC, SNB, BOJ, and more, are considering cooperating with each other to examine the feasibility of creating a central bank digital currency (CBDC). This would be the first such effort by central banks into the world of cryptocurrencies.

Although global central banks have been wary of digital currencies since Facebook announced its plans to launch Libra, the idea to create their own, regulated cryptocurrency has been around for some time. Such a CBDC could result in more efficient payment systems and cross-border transactions.

Other central banks involved in the project include Sveriges Riksbank and the Bank for International Settlements (BIS). The banks are looking to set up a working group which will explore use cases, technical design, and other functional aspects of the use of such emerging technologies in the world of banking.

The working group will also coordinate with other forums and groups worldwide to gain a better understanding of the benefits of creating and using a CBDC.