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Bank Of Canada Considers CBDC Prototype To Maintain “Monetary Sovereignty”

Speaking at the FinTech RDV 2020 which recently took place in Montreal, the apex bank’s Deputy Governor Tim Lane said that the institution is considering a prototype. Lane also said that the Bank of Canada will consult with quite a few potential collaborators to work on the design and development of its own central bank digital currency (CBDC). Regardless, he said there is “not a compelling case” for a CBDC at the moment.

He also added that the CBDC will help maintain Canada’s “monetary sovereignty” especially if other cryptocurrencies increase in general adoption, an occurrence that could threaten the Canadian dollar.

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