Sunday, February 14, 2021

Canada looking to create digital consumer currency

Global News shows that as more central banks around the whole world consider options for issuing important digital currency, the Bank of Canada is also making its own preparations for a possible future with so-called high-tech legal tender.

Eric Sorensen explains how this could fuel the digital economy and the complications standing in the way.

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency.


  1. Isn’t Canadian currency already digital?

    1. "In a speech in Montreal, deputy governor Timothy Lane said there isn't a compelling case to issue a central bank-backed digital currency right now.

      But the timeline to create one is long enough that the Bank of Canada is beginning work in the event the Canadian dollar isn't used for most transactions."