October 21, 2020

Central Bank of Canada is exploring the possibility of issuing digital currency

Central Bank of Canada is exploring the possibility of issuing digital currency

The Bank of Canada, the country's central bank, is exploring the possibility of issuing digital currency. To this end, for Bank management prepared a presentation on the usefulness of this tool.

The digital currency issued by the central bank will offer “all the benefits” of assets secured by the central bank, provided that the security and convenience of electronic payments are present.

We need to innovate to stay inThe game, - the presentation says, - Cryptocurrencies can become a direct threat to the conduct of monetary policy and fulfill the role of lender of last resort.

The proposed digital currency can also help regulators collect information.

Personal data is not transmitted to the recipient, but can be transferred to the police or tax authorities, the presentation says.