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Bank of Canada Prepares for a Digital Canadian Dollar
The Bank of Canada is currently taking steps to prepare for the potential issuance of a digital version of the Canadian dollar. While the central bank is leading the project, the decision to introduce a digital currency ultimately rests with the Canadian Parliament and government. In order to gather public input, the bank recently conducted a public consultation to gauge the nation’s sentiments regarding a national digital currency. While the advent of a digital Canadian dollar may bring about significant financial changes, it is crucial to address democratic concerns associated with this new currency to ensure the preservation of trust and uphold our democratic values.
The Bank of Canada’s Preparation for a Digital Canadian Dollar
The Bank of Canada recognizes the need to adapt to the evolving digital landscape and has been actively exploring the possibility of introducing a digital version of the Canadian dollar. This initiative aims to harness the benefits of technology and improve the efficiency, security, and accessibility of Canada’s currency.
As part of the preparation process, the central bank has engaged in extensive research and development to understand the implications, challenges, and potential benefits of a digital currency. Collaborations with…
