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Crypto Reporter

Online magazine about cryptocurrencies, NFTs, DeFi, GameFi and other blockchain technologies


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The Bank of Canada to issue digital currency

December 11, 2020 By Crypto Reporter

Timothy Lane of the Bank of Canada discusses the future of digital currency

In February, Timothy Lane, the Bank of Canada deputy governor in charge of financial technology, joined a one-day conference of chartered financial analysts, where he argued against the digital version of cash. “We have concluded,” Lane told, “that there is not a compelling case to issue a CBDC at this time.”

Nine months fast forward the situation has taken on a different turn. The need to launch a CBDC may arise earlier than expected, explained the deputy governor, calling one of the fundamental reasons as reduction in cash transactions, happening at unexpected pace:

“We’ve seen a shift away from the use of cash transactions much more rapidly than previously we thought was likely. How much of that is temporary, just associated with the pandemic, and how much of it is the start of a new trend, I think, remains to be seen,” said Lane.

According to Lane, the working group continues the preparation of issuing a central bank backed digital currency. Yet, the exact launch dates remain unknown. Lane highlighted the fact that the system has to be checked for efficacy, security, legal congruence, and a range of other questions.

More news:

  • U.S. second-oldest State Street bank to focus on digital finance 
    U.S. second-oldest State Street bank to focus on digital finance 
    June 23, 2021
  • Foreign visitors to China will be able to use the digital yuan without a local bank account
    Foreign visitors to China will be able to use the digital yuan without a local bank account
    July 26, 2021
  • Binance gets regulatory approvals from Bahrain and Canada
    Binance gets regulatory approvals from Bahrain and Canada
    December 29, 2021
  • Hong Kong to issue crypto exchange licenses and allow retail investors to trade coins
    Hong Kong to issue crypto exchange licenses and allow retail investors to trade coins
    February 27, 2023
  • KPMG Canada adds bitcoin and ethereum to its balance sheet
    KPMG Canada adds bitcoin and ethereum to its balance sheet
    February 8, 2022
  • Kraken is on path to launch a bank 
    Kraken is on path to launch a bank 
    March 17, 2023

Filed Under: General News, News Tagged With: Bank of Canada, Canada, CBDC, cryptocurrency, news

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