Bank of Canada sees no compelling reason to issue digital currency
Bank of Canada sees no serious reason to withdraw points digital money the current central bank. Timothy Lane, Deputy Governor of the Bank of Canada and Head of Research at the Department fintech and crypto banks, spoke about CBDC’s issues during Wednesday’s panel.
According to the official, Canada’s central bank is now focusing on implementing the CBDC in more concrete terms, determining how it will work and what it will look like. However, the Bank of Canada has not found a compelling reason to issue a CBDC.
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“As to our position on this project, at the moment we don’t see a compelling reason to release it, but the world is developing very quickly and maybe even more so after the pandemic,” he said. . Co-telegraph, Friday (5/28/2021).
The Bank of Canada not only sees a strong case for issuing a CBDC, but has already highlighted a number of risks associated with the country’s digital currency.
In October 2020, the bank released a CBDC Risk Report, paying special attention to threats resulting from CBDC storage issues and competition between crypto exchanges and banks to attract consumers.
Last December, Lane said the global coronavirus pandemic could force Canada to launch a CBDC earlier than initially thought.
“I would say that over the last nine months we have seen developments that seem to lead to things that are going to happen sooner than expected,” he said in late 2020.
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