On September 21st, according to the latest update on the Bank of Canada (BOC) website, the bank is phasing out its research and development work on a retail central bank digital currency. The announcement didn't mention wholesale CBDCs, but emphasized that research on those continues.

The Bank of Canada has been extensively researching CBDCs and is now shifting its focus away from CBDC research to other more pressing matters. The Bank of Canada's stance on CBDCs is that it needs to have a "contingency plan" in place in case it is ever needed. This shift in focus comes as the bank prepares to take on new responsibilities.

The Bank of Canada said, "As other payment issues become more pressing, the bank is scaling back its work on a retail central bank digital currency and will focus on broader payment system research and policy development."