Economy

BoJ to start central bank digital currency tests

BoJ to start central bank digital currency tests”

"Complementary efforts are also now underway, for example through the Federal Reserve Bank of Boston, which, in collaboration with researchers at MIT (Massachusetts Institute of Technology), is developing a hypothetical central bank digital currency". They might also have to compete with the controversial Facebook-led Libra stablecoin or digital payment project.

On Monday, in a highly anticipated webcast, Powell offered more clarity on the U.S. Government's digital currency position. "We'd like to keep tabs on what other central banks are doing and learn from them, not just from China but from other countries". When queried on the potential role of a CBDC for domestic and global cross-border payments, Powell was measured in his comments. He contended that the main focus for the US would be determining "whether and how a CBDC could improve an already safe and active dynamic domestic payment system". The job listing has fuelled speculations pertaining to the Bank of Canada's interest in researching a Canadian Central Bank Digital Currency (CBDC).

China may have a "first-mover" advantage on issuing a digital currency.

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"And getting it right means that we not only look at the potential benefits of a CBDC, but also the potential risks", such as cyber attacks and counterfeiting, he said.

More news: Supreme Court to hear case over congressional seat count

Consideration of how a CBDC could affect policy and monetary stability.

According to Powell, the Fed is collaborating with the private sector, taking a multidisciplinary approach, harnessing the power of the Federal Reserve System, surveying design options, and actively engaging in a series of experiments and research projects. "Given the dollar's important role globally, it's essential that we remain on the frontier of research and policy development".

Agustín Carstens, the general manager of the Bank of International Settlement, highlighted the importance of close cooperation between central banks and the IMF, describing it as "essential". The panel was moderated by Kristalina Georgieva, the Managing Director of the International Monetary Fund.



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