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Canada shelves retail CBDC work

After years of research, the Bank of Canada says it is "scaling down" its work on a retail central bank digital currency.

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Canada shelves retail CBDC work

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The Bank of Canada has spent several years working with the country's commercial lenders to explore the creation of a DLT-based CBDC and the implications on the economy and financial system.

During the pandemic, the Bank accelerated work in response to Covid-19 and its impact on cash usage, while still cautioning that a digital loonie was not a "forgone conclusion". More recently, the usefulness of a CBDC in addressing unmet payment needs in a cashless environment was called into question by a Bank discussion paper.

Now, it says it is scaling down the work and "shifting its focus to broader payments system research and policy development".

Adds the central bank: "The body of knowledge built over recent years will be invaluable if, at some point in the future, Canadians, through their elected representatives, decide they want or need a digital Canadian dollar."

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