Major central banks are working together to assess potential cases for issuing their own digital currencies, said the Bank of England and the European Central Bank on Tuesday.

The Bank of England, the Bank of Canada, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements, have created a group to share experiences as they assess the potential cases for central bank digital currency in their home jurisdictions, said the Bank of England on its website.

The group will be co-chaired by Benoît Cœuré, Head of the BIS Innovation Hub, and Jon Cunliffe, Deputy Governor of the Bank of England and Chair of the CPMI.

The group will assess CBDC use cases, economic, functional and technical design choices, and the sharing of knowledge on emerging technologies, said the statement.

Meanwhile, it will closely coordinate with the relevant institutions and forums, especially the Financial Stability Board and the Committee on Payments and Market Infrastructures.