Bank of Canada was working with its G7 partners towards its own central bank digital currency

Bank of Canada revealed that the central bank was working with its G7 partners towards its own digital currency (CBDC), according to Reuters on October 29.

Governor Tiff Mackle told Reuters that the central bank was working on moving from proof of concepts to more fully executable plans for a digital loonie but saw no compelling need for one “right now”.

“If another country has one and we don’t, that could certainly create some problems,” said Macklem. “So we want to make sure we’re ready.

“Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country. It will be important for us to share information on what each of us is doing, is planning on and on the timeline that we might do it on.”

In fact, a deputy governor of the People’s Bank of China (PBOC), had called for speeding up the process of launching China’s digital currency, the e-yuan, and to make CBDC part of an “independent” financial infrastructure in the digital era. Meanwhile, the central bank of China had initiated a new round of DCEP trials with the Shenzhen government starting to distribute DCEP vouchers worth $1.5 million to allow retail users to spend it.

As AZCoin News recently reported, Russia’s central bank might pilot its own central bank digital currency (CBDC) at the end of 2021. Russian government previously discussed the opportunity of issuing the so-called “CryptoRuble,” but the latest paper from the central bank is apparently the first serious move into CBDC development. In August 2020, Russia’s state-owned bank Sberbank also claimed that it was considering issuing a ruble-backed stablecoin.

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