The « digital dollar » should come from the Bank of Canada

The "digital dollar" should come from the Bank of Canada

(Ottawa) The Bank of Canada should be the issuer of a possible « digital dollar » rather than ceding control of it to private groups and their cryptomoney, a deputy governor of the central bank said Wednesday in a detailed plea.

Published on 10 February 2021 at 1:11 p.m.

The central bank is already developing its own digital currency, as are many of its counterparts around the world, should the issuance of such a currency become necessary.

In the text of a speech he was to deliver on Wednesday, Bank of Canada Deputy Governor Timothy Lane said that his institution still sees no need for cryptomoney, even though the pandemic has accelerated the shift to a more digital economy.

But that could change if the decline in the acceptance of cash reaches a tipping point in Canada, he added.

According to Lane, any digital currency would have to come from a central bank to ensure that the public interest remains at the top of the agenda, rather than private sector profits.

Only a central bank can guarantee privacy rights, support for competition and universal access for remote or marginalized communities, Lane said.

The « digital dollar » should come from the Bank of Canada
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