Bank of Canada will launch its own digital currency only after the release of Libra

The Central Bank of Canada does not yet see the need to launch its own digital currency, but is ready to do this in order to counter popular private projects.

Deputy Governor of the Bank of Canada Tim Lanestated that at the moment there is no compelling reason to use a central bank digital currency (CBDC), but a prototype is ready. According to him, the solution is a safe and reliable option for electronic funds that can be used to easily pay for purchases and store them.

Although for now  The Central Bank does not see the point in launchingbut does not exclude what in the future can dothis, if some private stablecoin citizens begin to widely use as an alternative to the Canadian dollar. The biggest threat now is the Libra project, which Facebook continues to develop, despite pressure from many governments.

However, for now the Bank of Canada plans to conducta series of consultations with leading central banks, to find out the opinion of regional administrations on this issue and to continue research in this direction.

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