Although the Bank of Canada has no plans for issuing a digital currency immediately, the Central Bank is not ruling out the possibility of launching one due to potential mass adoption of private digital currencies — and the possibility of cashless societies.
Bank of Canada Deputy Governor Tim Lane spoke at FinTech RDV 2020 in Montreal, and declared that although at the moment there is “not a compelling case” for a central bank digital currency (CBDC), a prototype is on the way and the Bank plans to consult with a wide range of stakeholders to potentially design a central bank digital currency.
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