Today the Bank of Canada announced it will work with the Massachusetts Institute of Technology (MIT) for its central bank digital currency (CBDC) research. The twelve month project is with the MIT Media Lab Digital Currency Initiative (DCI), the same group that is working with the Federal Reserve Bank of Boston on Project Hamilton.
As with Project Hamilton, the focus is on experimenting with different technical approaches. And the Bank of Canada emphasized that it has not yet made a decision about issuing a CBDC.
Previously the central bank has cited the launch of a U.S. digital dollar as a possible trigger for Canada to launch its own because of concerns that Canadians might start to use U.S. dollars to a greater extent. President Biden’s digital assets executive order set a concrete timeline for a U.S. CBDC report and legislative agenda, effectively accelerating the United States’ research efforts.
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