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Bank of Canada Lays Groundwork for Digital Currency

  • Central bank says it doesn’t see the need to issue CBDC now
  • But it wants to be prepared to move quickly, should need arise
Timothy Lane.

Timothy Lane.

Photographer: Melissa Lyttle/Bloomberg
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The Bank of Canada is laying the groundwork to introduce a digital currency, should the need for one emerge, Deputy Governor Tim Lane said.

While Canadians are well-served by the present payment system, the central bank has begun to look at potential features and requirements of a digital currency, though it doesn’t see a compelling case to issue one at the present time, Lane said, according to the text of remarks to be delivered Tuesday in Montreal. The central bank also released a background document that laid out plans for a prototype digital currency.