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London-based cryptocurrency custodian, Copper, is one of the founding members of the Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute (DMI). Explaining the reason behind this move, Copper outlined it was a significant step in realizing the company’s aim to close the gap between traditional financial institutions and the growing potential of crypto-chain technology.
Goals and Members
OMFIF aims to build a network to meet and consult with experts from the privately-owned sector, financial institutions and policy makers. The DMI first came in May 2020, with a target on payment mechanisms in wholesale and retail markets. Since its first launch, the group has been supported by a number of leading names, including the International Monetary Fund (IMF), Bank of England and the World Bank.
To raise a value of various discussions and analysis on the adoption of digital currencies by central banks, Copper decided to be a part among the other leading financial institutions, including the IG NG Group, decentralized platforms Cypherium Blockchain and Giesecke+Devrient Currency Technology
Dmitry Tokarev CEO at Copper Technologies expressed the honor and excitement being a part of OMFIF’s Digital Money Institute. He added “The forum it provides to create open and productive discussions between public and private organizations 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 endeavor.”
Research Agenda
OMFIF has already released detailed research with its founding members on the potential advantages of embracing digital currencies in traditional financial system and the opportunities for future monetary policy effects of ledger distribution technology.
In a statement, David Marsh, Chairman of the OMFIF said: “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.”
The co-founder also showed his excitement to have Copper’s contribution as a founding member of our Digital Monetary Institute. “I am pleased to welcome Copper as a founding member of our Digital Monetary Institute to help shape the digital currency discussion.”
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