For a while, Canada was one of the many countries on edge about going crypto. Last month in a Reuters interview, Bank of Canada Governor Tiff Macklem had made a Central Bank Digital Currency (CBDC) a possible plan B as he did not believe it was an urgent need.
What kept Mr. Macklem on edge was the competition and the lack of it at the time. In his November interview Mr, Macklem said that not having a CBDC would only be a problem if a country they traded with had CBDC.
Canada had set up a contingency plan with its G7 partners.
Canada had launched the research project back in 2017 and involved R3, Accenture, the Monetary Authority of Singapore, J.P. Morgan Chase, and the Bank of England.
The country was also recruiting candidates to undergo their project. Canada was on the verge of creating CBDCs and something tipped them all the way.