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Most central banks, including the Federal Reserve, the Bank of
England and the European Central Bank, are studying the
potential launch of a digital version of their currencies.
Britain has said any digital version of sterling would not be
available under the second half of this decade, while the Fed
has said a digital dollar could help maintain the greenback's
international standing.
"Key to realising the full potential of CBDCs is ensuring that
they can operate across different markets to facilitate
wholesale cross-border payments," said Kay Swinburne, chair of
the International Regulatory Strategy Group, a think tank backed
by the City and TheCityUK.
"Global regulatory principles and collaboration will be needed
to realise this vision."
The IRSG said in a report https://www.irsg.co.uk/publications/irsg-report-the-use-of-central-bank-digital-currencies-cbdcs-in-wholesale-markets-2
published on Friday there are many benefits to including CBDCs
in wholesale digital payments if they are made "interoperable"
for cross-border transactions.
Harmonisation of rules would allow firms who are licensed in one
jurisdiction to provide services in another, and stop countries
trying to undercut each other with laxer rules, the report said.
(Reporting by Huw Jones; Editing by Andrew Heavens)
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