Bank of Canada Not Concerned Bitcoin Might Replace Cash
Could bitcoin be the invention that ultimately replaces cash today as we know it? Officials at the Bank of Canada don't think so. In a testimony held before the country's Senate Banking Committee, one of the bank's top officials said that as of this juncture it's simply too early to say whether or not digital currencies like bitcoin will replace fiat. "These are early days ... and so far digital currencies have not made it to what we call money," said Stephen Poloz, who serves as governor at the central bank. "We've got a ways to go before we need to be thinking about policy implications."....
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Deutsche Bank has called on Europe to accelerate the development of central bank digital currencies. Deutsche Bank, the largest banking institution in Germany, is confident that central bank digital currencies, or CBDCs, will replace cash in the future.The bank’s research arm, Deutsche Bank Research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic. Titled What We Must Do to Rebuild, the new edition was released on Nov. 10.In the report, Deutsche Bank states that the ongoing COVID-19 pandemic has accelerated the....
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....
The president of the European Central Bank (ECB), Christine Lagarde, says that a digital euro will not replace cash but would complement it. “A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to accessibility and inclusion,” the ECB explained.
Digital Euro to Complement Cash
ECB President Christine Lagarde talked about the digital euro at the plenary session of the European Parliament Monday on the 20th anniversary of the introduction of euro banknotes and coins.
“Last year, we....
John Cryan, CEO of Deutsche Bank AG, a German global banking and financial services company, predicted that cash will not exist in the next ten years. Cash is inefficient and expensive, he explained, while mentioning fintech as a possible substitute to replace fiat money. Since the beginning of 2015, an increasing number of banks and financial organizations have proposed the implementation of a cryptocurrency or a centralized blockchain-based token to potentially replace cash as the official currency of the central bank. By integrating a certain set of technical rules that would provide....