Central banks of numerous countries across the globe – the UK, Canada, Japan, the EU, Sweden and Switzerland – have joined hands to form a group with the Bank for International Settlements (BIS), for a CBDC research project. 

Specifically revealed on January 21st, the central banks above will bring their own expertise to the table, contributing to the project of researching possible use cases for CBDCs, in their respective jurisdictions. 

“The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).”

Benoît Cœuré – BIS Innovation Hub director and Jon Cunliffe – the Bank of England Deputy Governor – will reportedly share the chairman role of the project. Numerous senior-level members of the participating central banks, along with BIS, will also be onboard. 

Various central banks throughout the globe reportedly initiated their own study, pilot phases and real-life implementation of different forms of crypto coins, CBDCs included.