Bank of Canada: No Worries of Bitcoin Replacing Cash
Hype can be bad. Overhype can be embarrassing. Do you remember when segways were supposed to flip transportation, urban life, and life as we know it on its head in the early 2000s? Well, we all know how revolutionary that turned out. You could argue there’s a great deal of hype surrounding Bitcoin: you could be stuck in your computer chair for hours as you read every article with the term “Bitcoin Revolution” in it. Revolution, evolution, hype, whatever. For the Bank of Canada, the threat of digital currencies overtaking fiat money remains hype for now. Stephen Poloz, governor at the....
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Representatives from the Bank of Canada claim the institution remains unconcerned by the advent of bitcoin and digital currencies in general. Speaking at a session of the Senate banking committee, central bankers said it is simply too early to predict whether digital currencies will gain traction from mainstream users. Bank of Canada governor Stephen Poloz added that digital currencies are still in their infancy and have not progressed to the point where he would call them money, reports Global News. "We've got a ways to go before we need to be thinking about policy implications," he said.....
The Central Bank of Canada revealed yesterday it is developing a digital version of the Canadian dollar based on blockchain technology. Called CAD-coin, the project is part of a wider exploration of the emerging technology codenamed Project Jasper that was reportedly unveiled during a private presentation, according to The Financial Times. Other major banks including Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank, as well as banking consortium startup R3CEV, are said to be involved in the effort. A slide posted by Forbes provides more details, indicating that the Bank....
COVID-19 could force the Bank of Canada to launch a CBDC sooner than previously expected. Timothy Lane, Deputy Governor of the Bank of Canada and head of research at the bank’s fintech and crypto department, claimed that Canada’s central bank digital currency, or CBDC, might see the light of the day “sooner than expected. Lane delivered his remarks in a Dec. 1 interview on the Bank of Canada’s approach to digital payment systems.According to Lane, the predicted decline in COVID-19-fueled cash transactions has been happening more rapidly than the bank had previously expected. This could....
This week researchers from the Bank of Canada published the central bank’s Financial System Review which highlights five key statistics tethered to Canadian bitcoin owners. According to the Bank of Canada’s metrics, 13% of Canadians own the leading crypto asset bitcoin, and “most Canadians are aware of bitcoin.” Bank of Canada’s Financial System Review Highlights Bitcoin Ownership Among Canadians On October 12, 2022, the Bank of Canada published the financial institution’s Financial System Review, which highlights some key points tied to the crypto....
The global war on cash, initiated by some of the leading economies and governments across the world, is starting to impact financial ecosystems. According to various sources, cash usage in countries including the US, South Korea and Denmark has decreased drastically and is presumed to decline even more in the foreseeable future. As cash continues to....