7 central banks sketch out digital currency as China forges ahead

Look to catch up with China's 'trailblazing', Facebook's Libra

A group of seven major central banks, including the US Federal Reserve, set out on Friday how a digital currency could look like to help catch up with China's “trailblazing” and leapfrog private projects like Facebook’s Libra stablecoin.

The central banks and the Bank for International Settlements (BIS) said core features should include resilience, availability at low or no cost, appropriate standards and clear legal framework, and an appropriate role for the private sector.

Bank of England (BoE) Deputy Governor and chair of a BIS committee on payments Jon Cunliffe said the rise in cashless payments since lockdowns to fight the pandemic