Bank of Canada developing CBDC ‘contingency plan’
Central bank could issue CBDC if private sector alternatives become quickly dominant, deputy governor says
The Bank of Canada is making digital currency contingency plans for a scenario in which private sector alternatives become dominant as a means of payment, deputy governor Timothy Lane said in February 25 speech.
Lane said that while there is no “compelling case” to issue a central bank digital currency (CBDC) at this time, “we need to move forward to work out what a potential CBDC might look like and how it could be managed”.
Providing an alternative with “no commercial motive” is important
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