The latest buzz in the cryptocurrency sphere is Copper joins OMFIF. The institutional investor’s cryptocurrency gateway, Copper, recently announced to join as a founding member of Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute.
The Digital Monetary Institute (DMI) is readily offered public support from numerous public sector institutions like IMF, World Bank, and Bank of England.
This latest development is the step towards Copper joins OMFIF acknowledging its aim to build bridges between the traditional finance and the emerging innovative technology of blockchain and crypto-related technologies.
Copper joins OMFIF impact on the industry.
Copper joins OMFIF to make a positive impact on the cryptocurrency industry. The independent think tank for central banking, the public investment, and the economic policy, OMFIF seeks to establish a platform for the central banks and the policymakers to come together and to cooperate with the experts of industry from the private sector.
In May 2020, the DMI was launched with the aim to focus on instruments of payments in retail and wholesale markets. Copper has also joined other major financial institutions such as Cypherium Blockchain, ING Group, and Giesecke+ Devrient Currency Technology GmbH to help in informing research and discussions on the digital currency adoption by central banks.
OMFIF, along with its founding members, has published a wide range of research on the possible gains of digital currency adoption for the central bank and the DLT’s impact of monetary policy’s future.
The Chief Executive Officer at Copper Technologies, Dmitry Tokarev, stated that the institution is glad to be part of DMI. The platform seeks to provide and create a space for productive and open discussions between the public and private organizations.
He further stated that when Copper was created, it aimed to create incredible accessibility to crypto assets via enhanced security and coordinated compliance with the traditional financial institutions. In the past couple of weeks, traditional players were witnessed taking up the crypto, partially due to the risks that are linked with COVID-19’s economic impact.