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Central banks join forces to play catch up with China’s digital currency
- Saturday | 10th October, 2020
Central banks began looking closely at digital currencies after Facebook last year announced its yet-to-be-launched digital token Libra that would be backed by a mixture of major currencies and government debt. Central banks need to keep up to avoid the private sector plugging payments gaps in unsuitable ways, Cunliffe said. Besides the Fed and the BoE, the seven central banks that have teamed up with the BIS include the European Central Bank, the Swiss National Bank and Bank of Japan, but not the People’s Bank of China. Japan’s top financial diplomat, Kenji Okamura, said on Thursday that China was seeking to win a first-mover advantage in building its own digital currency, warning it was “something we should be afraid of”. “I don’t think this is a race between central banks,” Cunliffe said, adding that no one central bank digital currency (CBDC) answer was going to dominate the whole world.
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