A group of central banks on Tuesday said they would discuss creating their own digital currencies - as Facebook prepares to launch a cryptocurrency and China's central bank steps up plans for electronic money.
The Switzerland-based Bank for International Settlements (BIS), considered the central bank of central banks, announced the creation of the new group in a statement.
The working group will include the European Central Bank, as well as the central banks of Britain, Canada, Japan, Sweden and Switzerland, the statement said.
The statement said that participants would "assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions". They will look at "economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies".
The group will be co-chaired by Benoit Coeure, head of the BIS Innovation Hub, and Jon Cunliffe, deputy governor of the Bank of England.
Sweden's Riksbank, the world's oldest central bank, has been one of the first to investigate the possible launch of its own digital currency; in its case an "e-krona".
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