Friday’s report was compiled by BIS, the Bank of England, the U.S. Federal Reserve, Bank of Canada, Bank of Japan, the European Central Bank, Sveriges Riksbank and the Swiss National Bank. File Photo by Canadastock/Shutterstock/UPI
Oct. 9 (UPI) — The Bank of International Settlements and seven central banks around the world published a report Friday that set a framework for a digital currency to work in conjunction with paper money.
The report highlights three key elements of the proposal — cryptocurrency coexisting with cash in a flexible payment system, supporting wider policy objectives and promoting innovation and efficiency.
“This report is a real step forward for this group of central banks in agreeing on the common principles and identifying the key features we believe would be needed for a workable [central bank digitalcurrency] system,” Jon Cunliffe, the deputy governor for the Bank of England, said in a statement.