London-based crypto custodian Copper has joined the Digital Monetary Institute (DMI) as a founding member to inform a range of discussions on the adoption of digital currencies by central banks.
The DMI is run by the Official Monetary and Financial Institution Forum (OMFIF), an independent think tank concerned with central banking, economic policy and public investment. According to Copper, the move marks a major milestone in realizing the custodian's ambitions to bridge the gap between the world of traditional finance and the emerging potential of blockchain and crypto-related technologies.
“We are delighted to be joining OMFIF’s Digital Money Institute. The forum it provides to create open and productive discussions between public and private organisations is already proving crucial to advancing the foundational structures of global finance and we are excited to have the opportunity to support in realizing this endeavour," said Dmitry Tokarev CEO at Copper Technologies.
The DMI is a group comprised of policy makers, technologists and regulators looking to explore the opportunities presented by digital finance and has found support from the Bank of England, the World Bank and the International Monetary Fund.
Copper joins big-name financial institutions including the multinational bank ING Group, decentralized smart contract platform Cypherium and Giesecke+Devrient Currency Technology GmbH to research the adoption of digital currencies by central banks.
“As more and more institutions are beginning to see beyond the 2017 retail-driven image of the space, the real and long-term value of crypto, and blockchain more generally, becomes apparent. OMFIF has the potential to advance this cause, and move the needle on how the entire financial system views crypto,” Torkarev said.
Together with its founding members, OMFIF has previously published research on the potential benefits adopting digital currencies for central banks can be and the impact distributed ledger technologies could have on future monetary policy.
“Central bank digital currency has become a more pressing priority for central banks, first with the unveiling of Libra by Facebook and more recently with the challenges of distributing financial help to citizens during the COVID-19 crisis," OMFIF Chairman and co-founder David Marsh said.
“I am pleased to welcome Copper as a founding member of our Digital Monetary Institute to help shape the digital currency discussion,” Marsh added.