The Bank for International Settlements, together with the Central Bank of Switzerland, announced the opening of a center for the development of sovereign cryptocurrency, which will be a single token for all financial regulators. The coin will also be created by specialists from Singapore and Hong Kong.
Single cryptocurrency for central banks: “The token can become a stablecoin developed on the basis of the Libra project, which is actively criticized by central banks. The Bank for International Settlements is going to apply the basic algorithms of the coin, but exclude all conflicting segments from them. This will make it possible to accept the token as a means of payment even in countries with serious pressure on the financial segment” – experts the Central Bank of Switzerland said.
Official statements regarding the characteristics of the token have not yet been made. An indirect confirmation of the begining this project is the message from the International Bank for Settlements about to launch a decentralized network for a certain project, the details of which remain classified. If the information is true, by the end of the year, stablecoin may appear in the public domain.
The appearance of the so-called sovereign coin will provide an increase in the confidence index of traders and cryptocurrency investors in central banks. Also, the token will be subject to integration into wallets, services and exchanges that already use digital assets as basic. An obstacle to the project will be the launch of Libra, which has similar characteristics.
Representatives of BIS previously noted that they support the initiative of Mark Zuckerberg, but expect clarification from him on several issues, including the requirements for the security of assets and the preservation of personal data. Officials pay particular attention to the launch of the Calibra cryptocurrency wallet.