Central Banks Considering Idea of a Central Bank Digital Currency
The Bank of England is examining how it can adopt Bitcoin, and a delegation will be meeting other officials from various banks to review this. They will be meeting the European Central Bank, Swiss National Bank, Bank of International Settlements, the Bank of Canada, and the Sveriges Riksbank. They will pool research and any experience to consider the possibility of having a central bank digital currency.
The move by the Bank of England and other central banks comes amidst a proliferation of private digital currencies such as Bitcoin. Facebook (NASDAQ:FB) is planning to launch its digital currency, Libra, this year. However, Libra has been receiving scrutiny from central banks, which are calling for tougher regulations on Libra. As a result, some of the partners developing the digital currency have since ended association.