According to Bank of Canada Deputy Chairman Timothy Lane, the regulator has no plans to issue its own crypt currency, at least not until the massive success of projects like Libra.
The official opinion of the Bank of Canada Lane was expressed in a speech entitled "Money and payments in the digital age". In it he described the approach of the Central Bank to the idea of creating digital currencies. Although the regulator was enthusiastic about the possibility of issuing state cryptov currencies, after the pilot project it was decided to abandon the idea.
"We decided that this is not the right time to issue state cryptov currencies. Canadians will continue to use the current payment system, which can be upgraded if necessary," Lane said.
However, the position of the Bank of Canada may change if private cryptovaluths are successful on a large scale. The deputy chairman of the Central Bank called the Libra project, developed by the social network Facebook, the main threat.
"It is difficult to predict whether Libra will be able to fulfill its promises and whether the project will be launched. But this is a good example of how emerging technologies can affect banks," Lane said.
The Bank of Canada will continue to work with the governments of various countries, as well as with the provincial governments of Canada. According to Lane, even if in the future Canada abandons the use of cash and converts to crypt currencies, the generally applicable digital currency "should be issued by an organization that puts the public interest above its profit.
Not long ago, the Bank of Canada, together with the central banks of Great Britain, Japan, Sweden, Switzerland, as well as the ECB and the Bank for International Settlements, announced the creation of a task force to study government digital currencies.
Comments
Post a Comment