Cryptocurrency
Bank of Canada exploring digital currency that would replace cash, track how people spend money
As reported by Financial Post, “The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned. “An internal Bank of Canada presentation, prepared for Governor Stephen Poloz and the bank’s board of directors, offers […]
As reported by Financial Post, “The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned.
“An internal Bank of Canada presentation, prepared for Governor Stephen Poloz and the bank’s board of directors, offers the most detailed public insight yet into the bank’s thinking on a proprietary digital coin. According to the presentation, the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.
“The presentation, titled ‘Central Bank Money: The Next Generation’ and acquired by The Logic via an access-to-information request, was prepared by Stephen Murchison, an adviser to Poloz tasked with leading the bank’s digital currency research, for a September 2018 board meeting. Murchison presented it as part of a two-year research project on whether or not the bank should issue its own digital money…”
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