currency taskforce

The Bank for International Settlements (BIS), Bank of Canada (BoC), European Central Bank (ECB), Bank of Japan (BoJ), Sveriges Riksbank (SR), Swiss National Bank (SNB), Bank of England (BoE) and the Board of Governors Federal Reserve System (FRS) have published a Report on Central Bank Digital Currencies (CBDCs) and their foundational principles and core features.

The CBDCs foundational principles will be:

1. “Do no harm”. CBDCs should continue supporting the fulfilment of public policy objectives and should not interfere with or impede a central bank’s ability to carry out its mandate for monetary and financial stability.
2. “Coexistence”. CBDCs should coexist with and be complementary to cash, as long as cash is demanded.
3. “Innovation and efficiency”.

The CBDCs core features are divided into three categories:

1. Instrument features;

2. System features;

3. Institutional features.

Finally, the Report also considers possible CBDC design and technology choices.

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