Governor of Bank of Canada, Tiff Macklem revealed today that the central bank was working with its G7 partners towards its own digital currency. The Governor also highlighted a need for a “globally coordinated” approach to developing CBDCs in order to keep criminals away from using such tools. Earlier this month, a group of seven central banks from around the globe, including the Bank of Canada compiled a report on the foundation principles of CBDCs.
With regard to CBDC project, Bank of Canada aimed to move proof of concepts towards the execution of its digital loonie – its CBDC. However, Macklem believed that the Bank did not see a need for issuing a digital currency “right now”. In addition to this, the Governor was concerned about another country’s potential digital currency, when Canada did not have a CBDC of its own.