Bank of International Settlements and the Swiss National Bank Successfully Test Digital Currencies

In this post (https://mark-skidmore.com/2020/11/12/legislation-for-digital-money-and-digital-wallets/), I noted that the U.S. is preparing legislation to authorize the Federal Reserve to create digital wallets for U.S. citizens and disburse digital currencies via the digital wallets. This link (https://www.snb.ch/en/mmr/reference/pre_20201203/source/pre_20201203.en.pdf) will take you to a document showing that the Bank of International Settlements (BIS) and the Swiss National Bank (SNB) have successfully tested a digital currency proof of concept. The BIS coordinates the activity of central banks globally, including the Federal Reserve: The move to adopt digital currencies is a global effort. This link (https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606) will take you to a pending patent by Microsoft (patent 060606) that was submitted in March 2021, which links digital/cryptocurrency to bodily activity. Is the move by central banks to adopt digital currencies in any way related to Microsoft’s patent?

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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