The Bank of Canada will not issue its own digital currency (CBDC) as it does not see a "strong case" for it, Reuters reports. According to Deputy Governor, Timothy Lane, the bank will continue studying on how its digital currency might look and work.
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"In terms of where we are with the project ... we do not currently see a strong case for issuing it (CBDC), but the world is progressing very rapidly and probably even more so in the wake of the pandemic," Lane said.
Lane's comments come after Federal Reserve Governor, Lael Brainard, said that the adoption of private monies like stablecoins could "fragment parts" of the US payment system. Moreover, Brainard emphasized the importance for the United States to be "at the table in the development of cross-border standards" for CBDCs
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