Bank of Canada explores cryptocurrency
Ottawa – Interest in Bitcoin has prompted the Bank of Canada to issue a research paper considering the merits and risks of digital currencies.
Walter Engert and Ben Fung authored the staff discussion paper released by the central bank Nov. 30. In it they conclude there are merits to creating a central bank digital currency as the Canadians' use of cash decreases and that the bank’s potential to reap profits off issuing that cash could be threatened.
The paper suggests a central bank digital currency could become a cheaper alternative to debit and credit cards and other forms of payment and give rise to competition for the bank.
Among its conclusions are a cautious outline of next steps: “Given the complexity and uncertainty associated with introducing CBDC, central banks inclined to issue CBDC should proceed cautiously and incrementally, perhaps with a non-anonymous CBDC that mimics bank notes . . . notwithstanding likely low adoption rates, and learn from experience.”
Read the full report, "Central Bank Digital Currency: Motivations and Implications."
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