After China, Canada is planning to launch its digital currency

The central bank of Canada is planning to launch a digital currency to compete with other cryptocurrencies. The digital currency would co-exist with the paper money and coins. According to an internal presentation, personal details could be shared with police and tax authorities. China is also set to launch its digital central bank-backed digital currency

According to The Logic report, an internal presentation has revealed that the bank of Canda is contemplating with the idea of launching its own digital currency. The presentation was prepared for Stephen Poloz, Governor of the Bank of Canada, and the bank’s Board of Directors. The report further states that the digital currency would co-exist with the paper money and coins, while steadily replacing fiat currency.

Stephen Murchison, the advisor to the Governor of the Bank of Canda, presented his report as a part of a two-year research project. The presentation emphasized on the various benefits of a central bank-backed digital currency. It stated that an additional form of payment would make the system more robust.

The presentation further mentioned that transactions done via digital currency would enable authorities to collect more information in comparison to transactions done in cash. Canada is not the only country that is contemplating the idea of central bank-backed digital currency. Earlier, China unveiled its plan to launch a digital version of Yuan.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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