The Bank of Canada (BoC) has begun public consultations on the central bank digital currency (CBDC).
While the preparation of countries for CBDCs continues at full speed, test results from many countries have started to come. In particular, China held various events to make the digital yuan a more adopted currency.
A new move came from Canada in the CBDC race. The BoC has announced that it has started public talks for the country’s CBDC. In these talks, the digital Canadian dollar is planned to take shape.
Canada Concentrates on CBDC Studies
The Bank of Canada (BoC) has begun consultations to create a digital Canadian dollar and discuss the future of a central bank currency (CBDC).
Making statements on the subject, BoC stated that the digital Canadian dollar will ensure that people in the country have a reliable and stable digital payment option. In addition, the BoC stated that there is no possible need for CBDC in the country and that the final decision should be taken by the Canadian parliament.
The current Canadian government is very warm and closely following CBDCs. However, traditionalist parties in the country state that CBDCs should be banned. Conservatives’ stance comes from fears of damaging Canada’s traditional currency.
However, the BoC said that Canada’s traditional currency is not going anywhere and that even if CBDC is issued, those who want can use cash.
Finally, the BoC said;
As the world becomes increasingly digital, the BoC, like many other central banks, is exploring a digital version of Canada’s national currency.
CBDC consultations in Canada will continue until June 19.
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