The Bank of England (BoE), has officially announced that it will explore potential use cases for central bank digital currencies (CBDCs). The BoE has created a group with five other central banks – the Bank of Canada, the Bank of Japan, the European Central Bank, the Sveriges Riksbank (Sweden) and the Swiss National Bank – to explore CBDCs. The group will be overseen by the Bank for International Settlements.
The group will “assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability.
The success rate recorded by Digital currencies has made central banks want to look into and adopt these digital currencies. Even here in Africa, Ghana and some other countries has considered has considered getting a central bank digital currency.