The Bank for International Settlements (BIS) has said regulation could be embedded into private global stablecoins, such as Facebook’s Libra.
The Bank of England will not protect commercial banks against the impact of digital currencies, according to deputy governor Sir Jon Cunliffe.
The trial will also allow the banks to see how the technology syncs with existing payment systems, as well as providing more effective routes to monitoring compliance.
They are seeking to identify the principles necessary for any CBDC, to help other central banks around the world to meet their public policy objectives.
BIS job ad suggests the organization is preparing to accelerate work on researching and developing central bank digital currencies.
A study by the Bank of International Settlements reveals countries around the world are seriously considering crypto.
Augustin Carstens has changed his mind on digital currencies, but he hasn’t changed it as much as some would hope.
Agustin Carstens said central banks “are not seeing the value” of issuing their own central bank-backed digital currencies (CBDCs), citing concerns over uncertainties about the impact on the wider monetary system.