UK think tank calls for global regulation for central bank digital currencies

• CBDCs will benefit wholesale digital payments if they are made interoperable for cross-border transactions, report said

Global legislation would allow Central Bank Digital Currencies (CBDCs) to operate effortlessly cross-border and speed up wholesale payments, a think tank backed by the City of London Corporation said on Friday.

Most central banks, including the US Federal Reserve, the Bank of England (BoE) and the European Central Bank (ECB), are reviewing the potential launch of a digital version of fiat currencies.

While Britain has said any digital version of sterling would not be available under the second half of this decade, the Fed has said a digital dollar could help maintain the greenback’s international standing.