Covid-19 has pushed Bank of Canada toward 'digital looney'
The Canadian central bank would be a better steward of financial data than private stablecoin issuers, according to one deputy governor. The Bank of Canada is pushing ahead with digitizing its currency.In a speech today, BoC deputy governor Timothy Lane noted that the COVID-19 pandemic had accelerated the need to digitize cash. Lane said: "The pandemic may bring us to a decision point sooner than we had anticipated."Lane was, however, careful to specify that "a digital currency is by no means a foregone conclusion." In October, Lane that said central banks should stand by with digital....
Related News
Warner Bros. announced about its collaboration with non-fungible token (NFT) along with Nifty. Warner Bros. have decided to launch the NFT to celebrate the 80th anniversary of Looney Tunes. These Looney Tunes NFTs would be fresh addition to the NFT world which have been on the rise of late. This partnership with Nifty will be […]
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....
On Thursday, Warner Bros. announced it was collaborating with the non-fungible token (NFT) focused social media platform Nifty’s and at the end of June, the two firms will launch a story-driven NFT collection called “Looney Tunes: What’s Up Block?” The upcoming NFTs will tell a unique Looney Tunes storyline and will also celebrate the character Tweety’s 80th anniversary.
Looney Tunes: What’s Up Block?
A unique Looney Tunes-based blockchain program will leverage non-fungible tokens (NFTs) to tell a story, according to the American film....
Timothy Lane says the central bank is developing a CBDC at "a good pace.” According to an Oct. 15 report from The Canadian Press, the Bank of Canada, or BoC, deputy governor Timothy Lane said central banks should have their own digital currency ready should regulators block Facebook’s Libra token. They also noted such an asset's potential importance as a possible solution for the economic realities of COVID-19.Lane spoke at an online panel discussion hosted by the Central Bank Payments Conference, stating that the Bank of Canada has been developing a central bank digital currency, or CBDC,....
The Bank of Canada is looking into possibly issuing its digital currency like Bitcoin, according to a senior official in the bank, CBC News reports. Carolyn Wilkins, the bank's senior deputy governor, said so in a keynote address entitled, "Money in a Digital World" at Wilfrid Laurier University in Waterloo, her alma mater. At the same time, she said that the bank is keeping a close eye on both benefits and drawbacks of digital currency. Wilkins says Bitcoin and other digital currencies have a long way to go before they can truly circumvent central banks, since the daily number of....