The Bank of Canada has started a public consultation to identify the features of a potential digital Canadian dollar (CBDC). This move is part of the institution’s preparation for the possibility that it may need to implement a CBDC in the future. By running the consultation, the Bank of Canada seeks to gain input from Canadians on what they would like to see in a digital Canadian dollar.
As other central banks around the world are also exploring the possibility of issuing their own digital currencies, the Bank of Canada will assess the potential features, usage scenarios, security considerations, and privacy and accessibility concerns related to a CBDC.
So far, the Bank of England is looking to build a digital pound while China already has its digital yuan. Experts believe that an official digital currency has the potential to revolutionize payments, monetary policy and financial inclusion. With the launch of the public consultation in Canada, it seems that the new currency could be just around the corner.
Leonardo Cox
- 2023-05-08
Bank of Canada Launches Public Consultation on Digital Canadian Dollar
The Bank of Canada has started a public consultation to identify the features of a potential digital Canadian dollar (CBDC). With other central banks around the world exploring the possibility of issuing their own digital currencies, assess the potential features, usage scenarios and more of a CBDC.
