Bank of Canada Officially Shelves "Digital Canadian Dollar" Central Bank Digital Currency (CBDC) Plan
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September 19, 2024
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Canadian Central Bank Shelves Digital Currency Plans
According to Decrypt, the Bank of Canada has officially abandoned its central bank digital currency (CBDC) project, known as the "digital loonie," after nearly five years of research.
The Bank of Canada began public research into a CBDC in 2019 and conducted public consultations in 2022. A research report published in early 2024 indicated that the introduction of a CBDC could help Canada maintain monetary sovereignty and financial stability as cash usage continues to decline.
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