The whole world will be moving towards transactions being done using digital money before you know it. Supporting this, the Central Bank of Canada has announced a blueprint for a central bank digital currency (CBDC).
Although Canada is working on its CBDC, it is still very cautious compared to countries like Sweden and the United Kingdom which have started actively testing their CBDC.
With regards to this matter, Deputy Governor Tim Lane stated that he did not see a compelling case to issue a CBDC right away since Canadians are “well-served” by the present payment system.
Nevertheless, the bank is intensely weighing up the potential requirements and features of digital currency, just in case if a decision is made to issue one. Apart from that, the bank has also released a paper laying out prototype plans for a Canadian CBDC.
However, it may not be too soon for us to witness Canada’s digital dollar, unlike Bahamas or China that are almost at the verge of implementing their digital money.
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