Bank of Canada lays groundwork for digital currency

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Central bank developing prototype that would be ready if needed

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The Bank of Canada doesn’t see a compelling case for introducing a digital currency at the present time, but is getting ready to move quickly, should the need for one become more evident, Deputy Governor Tim Lane said.

“We need to move forward to work out what a potential CBDC might look like and how it could be managed, if the decision were ever taken to issue one.” Lane said regarding preparations for a potential central bank digital currency in Canada. The Bank for International Settlements and the International Monetary Fund have called for central banks to at least study the possibility of as private sector firms experiment with competing units of exchange.

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