The central bank of Sweden bids to host BIS hub for cryptocurrency research

Sveriges Riksbank has bid to host the Bank for International Settlements (BIS) Innovation Hub, which would study digital currencies in detail.

The central bank of Sweden has made claims that its digital currency researchers are best in the central banking world. Bank for International Settlements (BIS) Innovation Hub would also research the issuance of central bank-backed digital currencies. Riksbank is asking parliament to allocate SEK 30 million ($3,203,500) a year for five years of Innovation Hub operations.

 

Riksbank has already come a long way in analyzing CBDC.

The petition filed by the central bank of Sweden claims that they have already come a long way in analyzing CBDC, and the bank can, just as BIS requires from a hub, quickly supply analyses based on already established collaboration between the public sector, private sector, academics, and other central banks. Sweden is among the many countries that have been testing CBDC for a long time. 

 

Central banks push for centralized digital currencies to combat projects like Libra.

The central bank Sweden in its petition, also mentioned that since Facebook announced its stablecoin project Libra, central banks around the world have understood even more the need to cooperate to meet the challenges faced and take advantage of the opportunities offered by digitization to the global financial system. China started working on its CBDC several years ago and was supposed to launch this year, but due to the coronavirus outbreak, the plans have been postponed.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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