Timothy Lane says the central bank is developing a CBDC at “a good pace.”
According to an Oct. 15 report from The Canadian Press, the Bank of Canada, or BoC, deputy governor Timothy Lane said central banks should have their own digital currency ready should regulators block Facebook’s Libra token. They also noted such an asset’s potential importance as a possible solution for the economic realities of COVID-19.
Lane spoke at an online panel discussion hosted by the Central Bank Payments Conference, stating that the Bank of Canada has been developing a central bank digital currency, or CBDC, at “a good pace.” He said the bank would need to hold consultations regarding what Canadians expected from a digital currency, but added Facebook’s efforts introducing Libra could help improve cross-border payments. He additionally noted that it could help unbanked and underbanked people become part of the global economy.
The deputy governor’s comments are a change from those in pre-pandemic February, when he declared that there was “not a compelling case” for the bank to create a CBDC.
Canada’s central bank recently released a report calling CBDCs “risky,” given the competition among crypto exchanges and banks, and how the digital currency is used for transactions.
This story is developing and will be updated.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.