“Digitalisation has spread to every corner of our lives and transformed how we pay. In this new era, a digital currency would guarantee that citizens can maintain costless access to a simple, universally accepted, safe and trusted means of payments(1). A central bank digital currency would likely still be a currency: like bank
notes but digital. It would be an electronic form of money issued by a central bank and accessible to all citizens and firms. Click on the header to read more....
(1) European Central Bank, A Digital Euro, October 2020
With this emergence of CBDC, TC 68 is undertaking work to understand if and where standards around CBDC’s (and other digital currencies) are needed. The TC 68 “Call for Experts” for the Central Bank Digital Currency Advisory Group (SG 5) (just renamed Digital Currency Advisory Group) has been left open until the first meeting on April 12, 2021. Interested parties should work through their National member bodies to obtain the Terms of Reference and nomination as a member for the group.
For those who are interested, there have been a number of publications recently on the topic of CBDC by major central banks of which some examples are listed here:
Federal Reserve - Preconditions for a general-purpose central bank digital currency. The Fed’s paper aims to identify some high-level environmental preconditions that support a general-purpose CBDC in the United States. These preconditions are necessary, though not sufficient, and can be broadly grouped into five areas: clear policy objectives, broad stakeholder support, strong legal framework, robust technology, and market readiness. - https://www.federalreserve.gov/econres/notes/feds-notes/preconditions-for-a-general-purpose-central-bank-digital-currency-20210224.htm
European Central Bank - A digital euro would be a fast, easy and secure instrument for your daily payments. It could support the digitalisation of the European economy and actively encourage innovation in retail payments. The ECB and the national central banks of the euro area are exploring the benefits and risks so that money continues to serve Europeans well. - https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html
People’s Bank of China - Digital Currency Institute of PBC Joins m-CBDC Bridge Project - The Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BOT), the Central Bank of the United Arab Emirates (CBUAE) and the Digital Currency Institute of the People’s Bank of China (PBC DCI) jointly announced the launch of the Multiple Central Bank Digital Currency Bridge Project (m-CBDC Bridge) for testing the use of CBDC in cross-border payments. http://www.pbc.gov.cn/en/3688110/3688172/4157443/4196114/index.html
Bank for International Settlement - Central bank digital currencies: foundational principles and core features - Joint report by The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements. - https://www.bis.org/publ/othp33.htm
[1] European Central Bank, A Digital Euro, October 2020