Should Canada have a central bank digital currency (CBDC)?

Yet the Bank of Canada (BoC) is actively researching the idea of a central bank digital currency (CBDC) in Canada. Though it does not see an immediate need for a Canadian CBDC, the BoC is preparing for the possibility that cash may one day fall out of use entirely.

Will Canada introduce a digital currency?

(DirkKafka/stock.adobe.com) After several years of exploring the possibility of introducing a digital currency in Canada, the central bank is shelving the idea. The Bank of Canada confirmed to CBC News it has shifted its focus away from the idea of introducing a digital Canadian dollar, which could be used for online purchases and money transfers.

What is the bank doing on a digital Canadian dollar?

Read a summary of our engagement on a Digital Canadian Dollar from 2020–23. Going forward, the Bank will focus on major developments that will impact Canada’s payments landscape. The Bank’s mandate to oversee retail payment service providers is coming into force in 2024, and work by Payments Canada on Real-time Rail continues.