Bank of Canada Refuses to Rule Out Digital Currency – Cryptocurrency Regulation

The Central Bank of Canada recently confirmed that they haven’t totally canceled the possibility of a Central Bank Digital Currency (CBDC). Also, giving possible reasons that may spur the introduction of a CBDC.

Presently, the Central Bank of Canada claims there isn’t any plan to issue a central bank digital currency (CBDC). But, the nation admitted they don’t want to fall behind if the world decides to fully implement digital currencies.

Tim Laine, Deputy Governor at a FinTech conference in Montreal said that the Bank of Canada started developing a prototype for its own central bank digital currency. He added that the bank only plans to deploy the project when it’s needed by Canadians. In other words, they’re only preparing one as a contingency.

Quoting him: “We need to move forward to work out what a potential CBDC looks like. As well as, how to manage such in case a decision to issue one ever comes up.”

Possible scenarios

Notably, the apex Canadian Bank pointed out two…