×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: EU | Digital Currency

Central Banks Join to Study Possible Digital Currencies

Central Banks Join to Study Possible Digital Currencies

Tuesday, 21 January 2020 09:38 AM EST

FRANKFURT, Germany (AP) — Major central banks have joined together to explore whether they should issue cryptocurrencies as the use of cash declines and more people turn to electronic forms of paying.

The study group is made up of the European Central Bank, the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank.

They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions. The Swedish central bank has already studied the issue for several years and has commissioned a pilot project as the use of cash declines in that country. No decision has been made.

Existing cryptocurrencies such as bitcoin are not suited for paying for things because they can fluctuate sharply in value. Facebook has backed the Libra project for a so-called stablecoin, a digital currency linked to existing currencies. Several major partners such as Visa, Mastercard, PayPal and eBay have left the association set up to oversee Libra as it faces pushback from regulatory authorities.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Major central banks have joined together to explore whether they should issue cryptocurrencies as the use of cash declines and more people turn to electronic forms of paying. The study group is made up of the European Central Bank, the Bank of Japan, the Bank of Canada, the...
EU,Digital Currency
176
2020-38-21
Tuesday, 21 January 2020 09:38 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved