The Bank of Canada did not understand why it needs its own digital currency

The Central Bank of Canada does not see the need to issue its own digital currency

Canada will not rush to issue a central bank digital currency (CBDC). This is reported by Reuters with reference to the head of the Bank of Canada Timothy Lane. According to him, the regulator will continue to study ways to use CBDC, but does not yet see the need to create such a currency.

“…at this time, we do not see a strong case for issuing (CBDC), but the world is developing very quickly and it is likely that after the pandemic, these processes will accelerate, ” Lane said.

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In early December 2020, Lane announced that the Bank of Canada is preparing to issue a digital currency. Then the head of the Central Bank of Canada said that the reduction in the number of transactions with cash may be the reason for the release of CBDC. Lane had previously opposed the release of CBDC. Why Canada once again decided not to rush the issue of its digital currency remains unknown.

See also: Bank of Canada reveals why it fears Anonymous CBDCs

Meanwhile, the US is actively studying the CBDC. As US Federal Reserve Chairman Jerome Powell said earlier, the world is “at the epicenter of a technological revolution.” The head of the Federal Reserve also added that the agency will present the results of a study on the digital dollar this summer. However, Powell did not give any approximate dates.

Meanwhile, according to Bloomberg, the largest US banks can slow down the development of the digital dollar. It is reported that the main financial institutions of the country are not interested in creating a digital version of the dollar from the Fed. Read about why the Bank of Canada proposed to join forces to launch a CBDC in the BeInCrypto article.

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