Sirlibz
The Official Monetary and Financial Institutions Forum (OMFIF) announces the launch of digital monetary Institute. This is aimed at bridging the gap between digital currencies and traditional banking.
The Institute includes policymakers, technologists, financiers and regulators. They are to help explore the challenges and opportunities of digital finance, with a core focus on payments instruments in wholesale and retail markets and also Central Bank digital currency (CBDC) being of particular interest.
Bhavin Patel, head of fintech research of OMFIF commented on the new focus of the institute.
“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.”
OMFIF has had previous discussions on how CBDC, Blockchain, and Distributed Ledger Technology (DLT) will potentially change society and financial services.
OMFIF plans on holding regular meetings which will include both the public and private sectors members. This will allow specialists and experts to meet and discuss a variety of formats to help shape the digital finance agenda. Regular data, developments and Innovations will be published by the institution.
Cyperium, a blockchain focused company is also a member of the institute.
Sky Guo, CEO of Cyperium gave an explanation as to the benefits of having these think tanks.
“Through the Institute’s events and conferences, we can explore practical and detailed ways in which Cyperium’s technology may benefit our global financial systems. The world and markets are ever-changing, and we are in uncertain times. Blockchains have become one of the indisputable innovation engines of our time, and they will certainly help us navigate toward a more prosperous future.”
To understand why that statement was made we might have to look into the attendance of the last meeting held by OMFIF, these included European Central Bank, the Bank of International Settlements along with Central banks from Japan China and Australia.
It is worth noting that OMFIF believes that Central Banks are the most trusted institution to issue digital currency, this was based on a research and major survey on the area of trust in monetary institutions
