According to media reports, the Bank of Canada (BoC) is currently considering the development of its own digital currency and weighing the possible advantages or downsides of such an endeavour. According to reports, the BoC is looking into this as a way to quickly shield itself from any unforeseen problems that could stem from the general worldwide adoption of cryptocurrencies, which is slowly increasing.
A document with the title “Central Bank Money: The Next Generation” which was supposedly written last year for the BoC Governor, Stephen Poloz, was included in a research endeavour to support the possibility of the BoC’s own central bank digital currency (CBDC). The document highlights the need for a CBDC with advantages that will greatly benefit the BoC.
“We need to innovate to stay in the game. [A CBDC] would provide all the benefits of a central bank-backed asset, as well as all the convenience and security of wireless, electronic payments.”
The report also notes that a good enough benefit for the implementation of a CBDC would be that the bank will be able to collect more information on its users and citizens in general which could easily be used to track unscrupulous activity.
Crypto adoption in Canada has been increasing gradually and now, the country is looking to join a growing list of countries who are interested in developing their own CBDC. Canada, just like the U.S., is now concerned about worldwide adoption of cryptos and the threat it poses to monetary policy.
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