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  • Central banks form a working group to carry out research on central bank digital currencies.
  • The meeting will be sued to discuss international transfers using digital currencies and security.

The Bank of International Settlement (BIS) and heads of six major central banks are set to hold their initial meeting in mid-April to forge a way forward when it comes to developing their own digital currencies. These central banks include U.K. central banks, Switzerland, Sweden Canada Japan, and the European Central Bank. In January, a working group was formed in collaboration with BIS to carry out research on central bank digital currencies (CBDCs).

Among the agenda are standards to be adopted regarding making digital currencies international transfers from one bank to another. Security is also among the key topics to be given priority at the meeting.

The Deputy Governor of the Bank of Japan, Masazumin Wakatabe said on Wednesday that “it’s quite natural to consider how to make international transactions more convenient.” The BoJ has clarified more than once that it has no plans of developing its own cryptocurrency. However, China remains at the forefront of the research and development of CBDCs. Besides, the People’s Bank of China is in the final testing phase for its soon to launch national digital currency.