6 Central Banks Form Digital Currency Use Case Working Group
The working group will pool research into CBDCs.
The move comes as the central bank continues to research how a central bank digital currency would work as well as the possible risks.
The Bank of Canada is preparing to design its own central bank digital currency (CDBC), detailing its plans in a new job posting.
Tiff Macklem said Canada's digital dollar initiative is progressing past the experimental phase and the G7 needs to coordinate on digital currencies.
The Bank of Canada does not see the need to create a central bank digital currency unless a competitor – like Libra – starts dethroning the existing fiat.
Central bank digital currencies have been a hot topic in blockchain circles recently, but central banks are lukewarm about blockchains.