The Official Monetary and Financial Institutions Forum (OMFIF) will hold a meeting to bring together central banks from around the world, where the Bank of England will be one of the main speakers to discuss the topic of CBDC development.
During the meeting organized by the Official Forum of Monetary and Financial Institutions, also known as OMFIF, central banks from around the world will participate to discuss the development and implementation of digital currencies (CBDC). At this meeting, which will be held virtually, the Bank of England, represented by the specialist in Technology and Financial Development, Simon Scorer, will be one of the main speakers, who together with other representatives and experts from the European Central Bank, will raise the need and benefits of designing, developing and implementing their own digital currencies, in addition to discussing what will be the most viable and feasible way to do so.
This meeting, which is scheduled for today at 01:30 pm London time, will also bring together leading experts from the financial and technology ecosystem. blockchain. Thus, among the participants will be Thomas Moser, alternate member of the Governing Board of the Swiss National Bank; Aniko Szombati, digital director of Magyar Nemzeti Bank; Cees Van Wijk, representative of the Bank of Netherlands and Sky Guo, CEO of the blockchain platform Cypherium.
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Global financial landscape drives blockchain adoption and CBDC development
In a changing world, where technological development and new finances gain ground considerably every day, central banks around the world fear losing financial dominance and control over their own economies, so in the face of this possible risk, the proposal for a CBDC currency is underway. Several central banks in important countries such as China, South Korea, Japan y Lithuania They already have considerable progress on this issue; while other nations such as Spain, and more recently United States, are making progress in the study and analysis of the benefits and advantages that the implementation of digital currencies will bring.
In this regard, OMFIF believes that blockchain technology has broad qualities capable of offering the benefits of operational resilience, transparency and tokenization, among many others; guaranteeing scalability, privacy and decentralization in financial processes, as well as improving interoperability opportunities between different institutions. In addition, the development of private digital currencies from companies such as Facebook y Telegram They also threaten the economic sovereignty of nations, prompting central banks to debate the development of CBDCs.
Therefore, during this meeting all viable options for the design of blockchain systems, DLT and the use of smart contracts (smart contracts) to improve interoperability and other aspects through new technologies. Similarly, representatives of the various banks will express their opinions and conclusions on internal research carried out on CBDCs.
The Bank of England and the implementation of Blockchain
The Bank of England, one of the most important banking institutions in Europe and the world, has a alianza important with Accenture, a blockchain-based technology services company. The partnership sees Accenture tasked with developing a new settlement system for the Bank of England, ensuring the country remains at the forefront of current technological developments and new payment systems.
Likewise, the Bank's position regarding the development of the cryptocurrencies, and other digital assets has remained progressive and friendly since last year.
About OMFIF
The Official Monetary and Financial Institutions Forum (OMFIF) is a group of financial specialists from around the world dedicated to the development of central banking, economic policy and public investment at a global level. OMFIF has a neutral platform that focuses on the development of institutional best practices for transparent global exchanges within the public and private financial sector.
Likewise, the OMFIF has a Digital Monetary Institute (DMI) which brings together regulators, financial, technological and political decision-makers from around the world to study all the challenges and opportunities involved in the world of digital finance. The DMI has a focus on the development of new financial instruments applicable within retail and wholesale markets, as well as a focus on the development of central bank digital currencies (CBDC).
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