Central Bank of Switzerland and Bank for International Settlements will test digital currency Financial regulators will unveil the concept of a central bank cryptocurrency by the end of 2020 and are exploring its application.
International Settlements (BIS)
The Swiss Central Bank and the Bank for International Settlements (BIS) will jointly test the central bank digital currency (CBDC) by the end of 2020. This was announced by the head of the innovation department of BIS Benoit Kere during the summit in Shanghai, reports the Chinese edition of The Paper. Kere clarified that in the next 2 months the project should enter the stage of "proof of concept", this will allow to start researching the suitability of digital currency for retail users. He noted that within the framework of testing, the possibility of establishing a link between CBDC and existing payment systems will be studied and a check for compliance with legislation will be carried out.
BIS expressed hope that in the future financial regulators of Hong Kong
BIS expressed hope that in the future financial regulators of Hong Kong, Thailand and other countries will join the initiative. This will allow moving on to testing the digital currency in cross-border payments. The issue of issuing digital currency has also been raised in Russia; the Central Bank announced its development on October 13. The regulator released a report for public comment, in which it announced that it would study the issue of the feasibility of issuing a digital ruble, which should become the third form of money and will circulate along with cash and non-cash rubles. However, the decision to issue the asset has not yet been made.
