The Bank of Canada published a paper on “The Role of Public Money in the Digital Age”, arguing the need for a central bank digital currency (CBDC). It doesn’t mention public concerns about privacy or the impact of a CBDC on commercial banks, because that’s not the point of the paper. It’s starting from an earlier premise – why might a CBDC be necessary? That’s particularly from the perspective of an advanced economy with well functioning payment systems.
Objectively, it makes a strong case.
It identifies three current trends that threaten the current monetary system status quo:
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