Bank of Canada developing CBDC ‘contingency plan’
The Bank of Canada is making digital currency contingency plans for a scenario in which private sector alternatives become dominant as a means of payment, deputy governor Timothy Lane said in February 25 speech.
Lane said that while there is no “compelling case” to issue a central bank digital currency (CBDC) at this time, “we need to move forward to work out what a potential CBDC might look like and how it could be managed”.
Providing an alternative with “no commercial motive” is important
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