The Bank of Canada has shed light on its central bank digital currency plans in a recent job posting. According to the job posting, the central bank is seeking a project manager for its CBDC project. The Bank of Canada stated that it would be “embarking on a program of major social significance to design a contingent system for a central bank digital currency CBDC. The regulators will consider several factors before deciding on the best way forward. They include stakeholder needs, regulatory policies, technical challenges and more.
The Bank of Canada reveals the properties of its planned CBDC.
The job posting by the central bank also revealed some of the properties of the planned CBDC, one of which is privacy. The regulator wants to create a currency that will be highly private, but still be compliant with Anti-Money-Laundering (AML) and such other regulations. The Bank of Canada wants to make the digital currency universally accessible, regardless of whether the user has a bank account or a mobile phone. The bank aims to create a currency that will garner the confidence of Canadians as much as banknotes have. The successful applicant will report to the director of fintech research in its IT services department.
Central banks across countries continue to research CBDC.
Central banks in many countries are actively researching centralized digital currencies. China is all set to become the first major nation to issue its centralized digital currency dubbed as Digital Currency Electronic Payment (DCEP). South Korea has also been actively researching national digital currency and might issue it sometime in future. However, Russian President Vladimir Putin holds a different view of CBDC. He said that cryptocurrencies operate beyond borders and it is impossible for countries to have their own cryptocurrencies. China is currently testing its national digital currency in four cities and is expected to issue it sometime this year.