A group of global central banks is looking into the potential for a central bank digital currency (CBDC).
This includes the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank, Swiss National Bank and the Bank for International Settlements.
It will also coordinate with relevant institutions like the Financial Stability Board.
Jon Cunliffe, Deputy Governor of the Bank of England, is co-chair.
What does this mean?
Central banks are taking the idea of a digital currency seriously and the group will examine use cases. It will examine aspects such as functional, economic and design choices, cross-border interoperability and knowledge sharing.