The governor of the Bank of Canada has said plans for a national digital currency have now moved beyond the trial phase, according to press reports.
Canadian central bank Governor Tiff Macklem said the project had moved beyond proof-of-concept and was approaching being ready for a wider rollout, Reuters reported. The bank is currently working alongside counterparts from across the G7 nations to develop central bank digital currencies.
However, he tempered expectations of an immediate launch by suggesting there is currently no need for a central bank digital currency in Canada. Nevertheless, Macklem said the bank was keen to avoid losing out to other nations in launching a digital currency.
“If another country has [a central bank digital currency] and we don’t, that could certainly create some problems. We certainly wouldn’t want to be surprised by some other country.”
“Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country. It will be important for us to share information on what each of us is doing, is planning on and on the timeline that we might do it on,” he noted.
Read more: https://coingeek.com/bank-of-canada-says-digital-dollar-beyond-trial-phase/