• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bank of Canada Pauses Digital Dollar Development Amid Global Trend

user avatar

by Giorgi Kostiuk

a year ago


  1. Bank of Canada's Shift in Approach
  2. Global Trends in Digital Currencies
  3. Political Opposition and Future of the Digital Dollar

  4. The Bank of Canada has decided to change its strategy regarding the digital dollar, shifting focus to analyzing payment system trends. This comes seven years after it began exploring the concept.

    Bank of Canada's Shift in Approach

    According to a CBC News report, the Bank of Canada is less inclined to continue developing the digital Loonie. Despite the lack of official statements on suspending research, a Bank spokesperson confirmed extensive research on a retail central bank digital currency.

    Global Trends in Digital Currencies

    Data from the think tank Atlantic Council reveals that 134 countries, covering 98% of the global GDP, are exploring digital currencies, with 44 currently conducting pilots. Notably, more than 65 countries, including India, Australia, and Brazil, are in the advanced stages of CBDC development.

    Political Opposition and Future of the Digital Dollar

    In mid-August, Canadian Conservative Leader Pierre Poilievre voiced strong opposition to the development of a digital currency, calling to protect cash usage. He also supported Member of the House of Commons Ted Falk's Bill C-400, which seeks to ban such currencies in Canada.

    Despite global interest in digital currencies, Canada has temporarily paused its research in this area to focus on analyzing payment systems. The future of the digital dollar in the country remains uncertain due to political disagreements and concerns about economic digitalization.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Implementation of Basel III and EMIR Refit Mandates

chest

As financial institutions prepare for the implementation of the Basel III Endgame and EMIR Refit mandates, they are confronted with new compliance challenges. These regulatory changes, set to take effect between 2025 and 2026, impose stricter capital requirements and data quality standards, aimed at enhancing financial stability and risk management in the derivatives market.

user avatarLi Weicheng

Seven Strategies for Derivatives Risk Mitigation

chest

Seven essential strategies for derivatives risk mitigation for financial institutions.

user avatarAisha Farooq

Surge in Interest Rate Derivatives Trading Amid Regulatory Changes

chest

Surge in Interest Rate Derivatives Trading Amid Regulatory Changes

user avatarLeo van der Veen

DarkChange Launches Innovative Cryptocurrency Exchange

chest

DarkChange has launched a new cryptocurrency exchange platform that prioritizes speed, security, and user convenience.

user avatarTenzin Dorje

Discover the Unique Features of DarkChange Cryptocurrency Exchange

chest

DarkChange introduces unique features that differentiate it from traditional cryptocurrency exchanges, allowing users to trade without registration, enjoy competitive rates, and benefit from advanced security measures.

user avatarBayarjavkhlan Ganbaatar

Russia Launches Rehabilitation Mechanism for Crypto Traders

chest

Russia implements a rehabilitation mechanism to assist cryptocurrency traders wrongly flagged as criminals, allowing them to unfreeze their assets and address wrongful blacklisting.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.