Moreover, it is planned to evaluate options for using CBDC, options for economic, functional and technical design, including cross-border compatibility and the exchange of knowledge about new technologies.
While the creation of the group demonstrates that central banks are moving forward in their research on the costs and benefits of digital currencies at the global level, some key exclusions from the list can not be ignored.
Central banks across the world have quickened the pace with which they are looking at issuing their own digital currencies, also known as CBDCs.
"The stark reality is that we are all losing the fight against climate change", Villeroy said, advocating two solutions the European Central Bank could discuss in its upcoming strategy review: integrating climate change in all economic and forecasting models, and overhauling the collateral framework to reflect climate-related risks.
"I'd urge this group of banks to reach out to the existing cryptoasset sector and get their input, to understand their experience and expertise when assessing the benefits and the challenges of digital coins".
"In the worst-case scenario, central banks may have to confront a situation where they are called upon by their local constituencies to intervene as climate rescuers of last resort", it said.
Most immediate is the pressure on central banks to survive the race for greater convenience and diversity in global payments and settlements.
The Monetary Authority of Singapore and the Bank of Canada previous year jointly explored the technical aspects of using CBDCs for cross border payments.
The world's most powerful banks have issued a warning that climate change could trigger the next global financial crisis.
"The fact that this is a partnership of central banks along with who is in and who is out says a lot", he explains.
What do you think about the Bank of England researching Central Bank Digital Currencies along with several other central banks?