Central Bank Crypto Could Bring Economic Gains: Bank of Canada Paper
Central bank-issued cryptocurrency could bring economic welfare gains for Canada and the U.S., according to a researcher from Canada's central bank.
The Bank of Canada does not see the need to create a central bank digital currency unless a competitor – like Libra – starts dethroning the existing fiat.
Central bank digital currencies have been a hot topic in blockchain circles recently, but central banks are lukewarm about blockchains.
The Bank of Canada is preparing to design its own central bank digital currency (CDBC), detailing its plans in a new job posting.
The working group will pool research into CBDCs.
The central banks of Canada and Singapore have for the first time settled cross-border payments using blockchain and central bank digital currencies.