Bank of Canada Interested in Digital Currencies

Canada is the last country to announce that it has started researching central bank digital currencies (CBDC).

of the Bank of Canada According to the press release made today, a new study has been started on how citizens will use digital currency, advantages-disadvantages and security conditions. Officials stressed that the digital Canadian dollar is playing a complementary role rather than replacing paper money entirely:

“We do not have any objections to the use of digital currencies of other states in our country at the moment.”

The Bank of Canada, which made another statement in 2021, CBDC stated that there is no significant need for the currency. While repeating this rhetoric in its press release today, the state agency used expressions that it focuses on the future.

Canadian politics and the public have been given until June 19 to comment and advise on digital currency studies.

Digital Currency Discussions Continue

Central banks’ CBDC efforts have gained momentum in recent months, but the debate has also grown. Opposition Republicans in the United States object that CBDCs would significantly increase state authority. State-owned digital currencies have already been banned in opposition-run North Carolina and Florida.