Bank of Canada Pauses Digital Dollar Development Amid Global Trend

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by Giorgi Kostiuk

2 years ago

Made with AI

  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.

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