Canada is the last country to announce that it has started researching central bank digital currencies (CBDC).
According to the press release of the Bank of Canada today, a new study has been started on how citizens will use the digital currency, advantages-disadvantages and security conditions. Officials stressed that the digital Canadian dollar is playing a complementary role rather than replacing paper money entirely:
"We do not have any objections to the use of other states' digital currencies in our country at the moment."
In another statement in 2021, the Bank of Canada stated that there is no significant need for the CBDC currency. While repeating this rhetoric in its press release today, the state agency used expressions that it focuses on the future.
Canadian politics and the public have been given until June 19 to comment and advise on digital currency studies.
Digital Currency Discussions Continue
Central banks' CBDC efforts have gained momentum in recent months, but the debate has also grown. Opposition Republicans in the United States object that CBDCs would significantly increase state authority. State-owned digital currencies have already been banned in opposition-run North Carolina and Florida.