Author Topic: Canada's Central Bank Is Considering Launching Its Own Digital Currency  (Read 5996 times)

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Offline Paul88Topic starter

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The central bank of Canada is reportedly considering launching its own digital currency, a move that could see it gather more information on where Canadians spend their funds.

According to an internal presentation seen by the Financial Post, the central bank’s digital currency could help it combat the “direct threat” cryptocurrencies pose while helping it collect more information on people’s spending habits.

The presentation was prepared for Governor Stephen Poloz and the central bank’s board of directors. It was presented a two-year research project on whether the Bank of Canada should issue its own digital currency.

Titled “Central Bank Money: The Next Generation” the presentation listed over a dozen benefits to the bank launching a digital currency and only one downside, as it would offer “all the benefits” of a central bank asset, as well as the “convenience and security of wireless, electronic payments.”
The presentation reads: "We need to innovate to stay in the game (…) Cryptocurrencies may become a direct threat to our ability to implement monetary policy and lender of last resort (LOLR) role."

https://www.cryptoglobe.com/latest/2019/10/canada-s-central-bank-is-considering-launching-its-own-digital-currency/


Offline Trastoy

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Re: Canada's Central Bank Is Considering Launching Its Own Digital Currency
« Reply #1 on: November 22, 2019, 11:04:53 AM »
They are going to ban cryptocurrency altogether, then almost every country is creating its own cryptocurrency, who to trust?

Offline Paul88Topic starter

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Re: Canada's Central Bank Is Considering Launching Its Own Digital Currency
« Reply #2 on: November 22, 2019, 10:37:07 PM »
They are only banning unapproved cryptocurrencies (no KYC, no subject to regulations, no subject to money laundering laws etc.)
They are not banning cryptocurrencies altogether.

The problem is, the legislation regulating cryptocurrencies mostly isn't in place yet, so regulators and financial authorities don't even know which rules they should base their decisions on.

 

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