According to Golden Finance, the Bank of Canada has put its central bank digital currency (CBDC) plans on hold. The Bank of Canada first launched a research project in 2019 to explore the creation of a digital Canadian dollar and conducted public consultations in 2022. In a research paper early in 2024, the central bank argued that the introduction of a CBDC could help Canadians maintain monetary sovereignty and financial stability as cash use continues to decline across the country. Another paper also found that a new CBDC, if implemented, could reduce bank deposits in the country by as much as 12%. However, the Bank of Canada stated that it would continue policy research and analysis on payments developments both domestically and internationally.