Last week a Canadian radio broadcaster CBC stated the Bank of Canada was winding down its work on a retail central bank digital currency (CBDC), saying it has ‘shelved’ the idea. Now the Governor of the Bank of Canada confirmed the research work is coming to an end. However, he didn’t say never.
In a speech yesterday, Governor Tiff Macklem said, “In the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.”
“But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.”
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