Bank Of Canada: “There Is Not A Compelling Case To Issue A CBDC.”

Bank Of Canada: “There Is Not A Compelling Case To Issue A CBDC.”

• The deputy governor of the Bank of Canada has said that the bank doesn’t see a need to issue its own cryptocurrency.
• “We have concluded that there is not a compelling case to issue a CBDC at this time.”

In a recent speech titled "Money and Payments in the Digital Age,", the deputy governor of the Bank of Canada, Timothy Lane said that the central bank doesn’t see a real need to issue its own cryptocurrency unless a competitor to cash eventually takes off.

When it came to the central bank digital currency vision, Canada was one of the banks that was very much in favour and even ran a pilot project on R3's distributed ledger technology solution called Corda. Back in May last year, the project was tested in a cross-border trial with the Monetary Authority of Singapore. Despite the rigorous testing and research, the lawmaker wasn’t impressed by the end result.