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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Digital currencies
Crypto firms are dodging scrutiny, US comptroller warns
Hsu compares crypto exchange FTX to BCCI, subject of infamous ’90s banking scandal
RBA outlines retail CBDC pilot projects
Australian central bank will test 14 use cases, working with major lenders and other firms
Brazilian governor outlines digital wallet and CBDC plans
Governor says CBDC model should avoid flight from bank deposits
Bank Indonesia announces CBDC plan
Central bank will test wholesale and retail CBDC as Warjiyo says private digital assets pose new risks
BoJ to test CBDC next year, reports say
Two-year pilot project will examine whether digital currency can work without internet access
Project shows blockchain making FX trades faster and safer – NY Fed
Tests by NY Fed and BIS settles FX spot trades in less than 15 seconds
Fed’s stability report warns over global tightening and stablecoins
Stablecoins face possible runs while strong dollar poses EM risks, Fed says
China’s CBDC will have “managed” anonymity, says PBoC governor
Yi Gang says authorities must balance between protecting privacy and fighting illicit activity