The Official Monetary and Financial Institutions Forum (OMFIF), an independent global think tank for central banking and economic policy, announced the launch of its Digital Monetary Institute earlier this month.
The Institute intends to build bridges between the worlds of digital currencies and traditional banking, and has a focus on payment instruments in wholesale and retail markets, and central bank digital currencies (CBDC).
Central banks’ interest in digital currency is growing
The OMFIF itself has already been publishing in-depth reports on digital currency and CBDCs since 2018. Regarding the key focus of the new Institute, Bhavin Patel, OMFIF’s head of fintech research said:
“We believe there will be more central bank digital currency projects in the next few years, both on the wholesale and retail sides of the market and in many jurisdictions including the euro area.”
The founding members of the institute include policymakers, technologists, financiers and regulators, along with some blockchain-focused companies like Cypherium, who also recently joined the Microsoft for Startups program.
Patel explained that such companies “bring technical expertise to an on-going…
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Author: Jack Martin