Every day, it seems, brings a new privately issued crypto-asset to the fore. But the official sector has not gone dormant. Several central banks, including the Bank of Canada, Bank of England, Norges Bank, and Sveriges Riksbank are actively investigating the possibility of issuing central bank digital currency (CBDC).
Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.”
Ripple, a leading crypto fintech company, is going forward to bring the XRP Ledger to central banks. Recently, Ripple announced via a job listing site that it was looking to hire three central bank technical partner managers – one for each of its offices in London, San Francisco, and New York.