Cryptocurrency

Global central banks to negotiate cryptocurrencies at IMF conference

Global central banks to negotiate cryptocurrencies at IMF conference

The current trend in financial markets appears to be the trend towards cryptocurrencies, as major central banks are considering issuing their cryptocurrencies, amid growing controversy over the future of money.

Central banks around the world have accelerated their approach to the release of their own cryptocurrencies in the wake of Facebook, the world's largest social network with more than 2.5 billion active users, to launch its encrypted digital currency (Libra).

Six major central banks are scheduled to meet in April to discuss the development of the central bank's digital currencies (CBDC).

Some reports suggest that this meeting will see several central banks discussing on CBDCs as well as sharing considerations related to potential challenges such as cross-currency settlement and cybersecurity.

This meeting appears to be part of a broader collaboration announced by these central banks in January.

These banks, which include central banks in the European Union, the United Kingdom, Canada, Japan, Sweden and Switzerland, will meet in Washington, D.C., when they participate in the IMF conference.

Policymakers and financial institutions around the world are actively working on CBD research, and the World Economic Forum (WEF) established a specialized consortium to design a framework for managing the digital currency in January.

Cryptocurrencies prices

 

The Bitcoin rose today to $9,735, registering an increase of more than 2.9 percent, Ethereum saw a 8.04 percent rise to $212, Ripple recorded 3.26 percent advance to $0.28 and the Bitcoin Cash augmented 3.36 percent to $441, according to BitStamp exchange. 

 

Meanwhile, the total market capitalization added $2.0 billion from yesterday to $275.6 billion and the 24-hour volume soared to $136.9 billion from $131.2 billion.

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