RATE Group | Canada Prepares For Future Digital Currency
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Canada Prepares For Future Digital Currency

26 Feb Canada Prepares For Future Digital Currency

Posted at 04:28h in Cryptocurrency News by

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The Central Bank of Canada said that while it will not be issuing a digital currency anytime soon, it will still develop a blueprint in case a pressing need becomes apparent, according to a report by Bloomberg.

The country’s central bank is looking at the various features and requirements involved in setting up a digital currency. Deputy Governor Tim Lane gave the news at a speech on Tuesday (Feb. 25) in Montreal. The bank also released a document containing background information about the potential prototype of a central bank digital currency (CBDC).

“We need to move forward to work out what a potential CBDC might look like and how it could be managed, if the decision were ever taken to issue one,” Lane said.

There has been movement at central banks around the world over the development of digital currencies, especially with organizations like the Libra Association attempting to make their own.

Of the 66 central banks interviewed by…

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