Timothy Lane on CBDCs and why the private sector is no competition for central banks
BoC deputy governor discusses the difference between a private-sector digital currency and a CBDC
When the Bank of Canada began exploring central bank digital currencies (CBDCs), what was the main driving force? Have those motivations changed?
For many years, the Bank of Canada has had a very strong research programme on money and payments. About seven years ago, our researchers began to focus increasingly on electronic on digital means of payment and that was initially in response to what was going on out there in terms of the emergence of fintech and bitcoin and other applications of
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