FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie
In a speech to a business audience in Montreal, Bank of Canada Deputy Governor Tim Lane made no mention of future rate moves. He said the bank had concluded there was “not a compelling case” for the issuance of a central bank digital currency at this time and outlined two primary scenarios that could warrant the consideration of such a policy move.
Canadians, he added, are currently well-served by their current payments ecosystem, which is in the process of being modernized. Meanwhile, developing the capacity to issue a CBDC is expected to take several years. The Bank for International Settlements has found a growing number of central banks are likely to issue their own digital currencies in the next few years. While most of those launching pilot schemes are from emerging economies, China is the closest major economy to become the first to issue a CBDC. [L4N29R45W]
Bank of Canada prepares for digital currency ' In case one is needed'.
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