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Bank of Canada invites colleagues ...

Bank of Canada invites colleagues to join forces to launch CBDC

  • Bank of Canada Collaborates with G7 Peers on CBDC

  • Central Bank Governor Calls For Coordinated Efforts To Develop CBDC And Prevent Scam

  • The coronavirus epidemic has led to a decrease in the use of cash

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Bank of Canada Governor Tiff Maclem calls for “global coordinated” approach to prevent criminals from using government digital currencies

The head of the Canadian Central Bank confirmed the regulator’s plans to join forces with partners in the G7 for digital currency launch Central Bank (CBDC) Bills and coins may be a thing of the past due to new financial instrument – Central Banks Digital Currency (CBDC).

Bank of Canada invites colleagues ...

As of…

Bank of Canada invites colleagues ...

More), as reported by Reuters.

If another country has its own digital currency, and we do not, this can definitely create problems. So we go to make sure we are ready for CBDC..

Coordinated approach

Maclem calls for a “globally coordinated” approach to prevent criminals from using government digital currencies.

Currencies move between country borders and we definitely don’t want any country to surprise us.

Bank of Canada invites colleagues ...

It is very important that countries share information with each other regarding their plans and actions in this direction..

At the same time, the head of the Central Bank stressed that despite the fact that the bank has already switched to a pilot project of its CBDC, there is no urgent need for this asset to appear today..

Recall that in February, the Bank of Canada announced that it is preparing for a future in which Canadians will need a digital currency issued by the Central Bank. Earlier this month, the regulator mentioned the risks associated with such currencies and the importance of protecting private keys..

CBDC at the global level

Canada’s interest in developing its own digital currency has revived amid successful testing of the digital yuan by the Bank of China. The full launch of the digital currency in Pondebesnaya is planned to take place before the start of the 2022 Winter Olympic Games in Beijing, which will allow for a full transition to the new system and the long-awaited reduction in the dependence of the Celestial Empire on the US dollar.

Other countries, including France, South Korea and the Netherlands, have recently stepped up their efforts to create their own CBDCs, in part also at the suggestion of China..

In general, interest in CBDC has noticeably revived this year, especially against the backdrop of the pandemic, which led to an increase in the use of cashless payments and digital payment systems..


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