Institutional Grade Crypto Custodial, Copper Technologies, Joins Global Central Bank Think Tank, OMFIF

2020-6-12 19:49

Institutional-grade crypto custodian, Copper Technologies, joins the Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute (DMI) as a founding member. The non-profit organization launched in May 2020 aiming at formulating economic policy, public investment and central banking ideas for new and improved digital payment instruments.

Copper Technologies joins DMI as founding member

The London-based crypto firm becomes the latest founding member of DMI joining Giesecke+Devrient Currency Technology GmbH, Cypherium Blockchain and multinational bank, ING Group. The mission of the association is to provide an open platform for discussions and research on digital payment systems and central bank digital currencies (CBDCs).

The Institute will be publishing regular data, convening meetings with experts on new digital developments and innovations.

The statement from Dmitry Tokarev, CEO at Copper Technologies, showed delight in joining “policy makers, technologists, financiers and regulators” to develop new ideas and policies in the digital finance world. According to Dmitry, the OMFIF DMI forum opens up a gateway for public and private organizations to collaborate in “creating open and productive discussions” on the future of global finance and the opportunities digital payments offers. He added,

“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.”

Copper Technologies promises an institutional grade custodial service with a keen eye on “accessibility, security and aligned compliance” aiming to bridge the gap between the digital asset world and the traditional finance systems.

Governments accelerated efforts

Governments, central banks and financial regulators across the globe are accelerating their efforts for a digital payment system in the wake of COVID-19. The spread of the pandemic through physical contact has shown the need for increased innovation in digital cash systems.

Moreover, the announcement of the Facebook-led Libra token also forced central banks to look into developing their own CBDCs. In his welcome statement to Copper Technologies, David Marsh, Chairman and Co-Founder at OMFIF addressed this saying,

“Central Bank Digital Currency (CBDC) 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.”

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