OMFIF announces the creation of the Digital Monetary Institute

Earlier this month, a group of independent experts from central banking and economic policy participating in the Official Forum of Monetary and Financial Institutions (OMFIF) announced the launch of its Digital Monetary Institute.

OMFIF announces the creation of the Digital Monetary Institute

Important institutions that are interested in cryptocurrencies

Earlier this month, a group of independent experts from central banking and economic policy participating in the Official Forum of Monetary and Financial Institutions (OMFIF) announced the launch of its Digital Monetary Institute. The main objective of the Institute is to contribute to the integration of digital currencies into the traditional banking system, working especially on the central bank digital currencies, called CBDC.

** The Deutsche Bank has decided to accelerate the development of its own digital currency (CBDC).

OMFIF has been working since 2018 in the production of reports detailing the characteristics and potential implications that digital currencies and especially CBDCs could have in the future. OMFIF chief investment officer Bhavin Patel spoke about the key focus the new Institute will take: "We believe there will be more digital currency projects from central banks in the coming years, both on the wholesale and retail side of the market. and in many jurisdictions, including the euro area. " The Institute will be made up of technologists, politicians, financiers, regulators and some companies focused on the development of blockchain, such as Cypherium.

** The Bank for International Settlements has released a report urging the world's central banks to consider developing their own digital currencies as a measure to help against the spread of COVID-19.

The new Institute will operate much like the parent organization, OMFIF, by regularly organizing meetings and forums in which all members can discuss relevant issues. Sky Guo, CEO of Cypherium, explained the importance of having economists and financial politicians as members: "Through the Institute's events and conferences, we can explore practical and detailed ways in which Cypherium technology can benefit our financial systems Global. The world and markets are constantly changing, and we are in uncertain times. Blockchains have become one of the undisputed engines of innovation of our time, and they will certainly help us navigate to a more prosperous future."