Bank of Canada Governor Says Digital Dollar Project Moving Past Trial Stage
Tiff Macklem said Canada's digital dollar initiative is progressing past the experimental phase and that the G7 needs to coordinate on digital currencies.
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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 Bank of Canada has announced that it will soon publish the results of its own coordinated blockchain experiment. As part of the project, the bank built a functioning blockchain prototype and fiat-backed digital token. The Central Bank of Canada Has Tested Blockchain Protocol. Carolyn Wilkins, the central bank’s senior deputy governor, said the bank....
Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). “It’s just a checking account at the Fed,” said the governor. Federal Reserve Chairman Jerome Powell recently said that the central bank has not decided whether to issue a digital dollar. Fed Governor Skeptical of CBDCs Federal Reserve Governor Christopher Waller shared his view on central bank digital currencies (CBDCs) Tuesday during the Money 20/20 conference in Las Vegas. Commenting on the Federal Reserve issuing a digital dollar, he was....
The Bank of Canada has been heavily researching blockchain technology, Bitcoin, and the use of digital currencies. Just recently, a team of central bank researchers published a report called “Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies” examining issues they believe revolve around private and public cryptocurrencies. Is....
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....