4 top universities submit CBDC designs to the Bank of Canada
Following initial discussions with the Bank of Canada, four top universities have submitted design proposals for a central bank digital currency. Major Canadian universities have submitted new research to the Bank of Canada centered around the development of a central bank digital currency, or CBDC, underscoring the innovation underway in this space. The research began last year after the BoC engaged four institutions around potential designs for a national cryptocurrency. A total of three proposals were published simultaneously on Thursday. Notably, each proposal was based on the....
Related News
An analyst at the Bank of Canada has written a paper that identifies recurring patterns in CBDC models and how those patterns impact a list of performance criteria. Five patterns that recur in retail central bank digital currency (CBDC) designs were identified in a new Bank of Canada staff analytic note. The research focused on information organization and compared software rather than real or proposed CBDCs, and it examined the practical implications of its findings for retail payment systems. The author, Sriram Darbha, called the patterns he identified “archetypes.” They were....
The central bank of New Zealand has outlined the major benefits of CBDC designs based on blockchain technology. The Reserve Bank of New Zealand (RBNZ) published an issue paper providing its perspective on central bank digital currencies (CBDC).The paper outlines CBDC purposes, designs, as well as the potential benefits and associated risks. The bank will be seeking comments on the proposed paper until Dec. 6.The document focuses on a “general-purpose” CBDC that is a digital currency issued to “any individual or business that wants to use it.”“Such a ‘general-purpose’ CBDC would be closer....
Building an anonymous central bank digital currency (CBDC) presents security risks – not only to the issuer but to the users themselves, says the Bank of Canada.
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....
Amid the global CBDC race, the Canadian central bank does not currently see a strong case for issuing a state digital currency. The Bank of Canada does not see a strong reason for issuing a central bank digital currency, or CBDC at the moment.Timothy Lane, the Bank of Canada’s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports.According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look. However, the Bank....