The Bank of Canada (BoC) initiates a public consultation to gather feedback on the potential characteristics of a digital Canadian dollar. This is an exploratory measure to assess the feasibility of introducing a digital version of the currency.
To prevent the private sector from taking over digital payments as cash usage decreases, central banks worldwide are exploring digital versions of their currencies. The COVID-19 pandemic has accelerated the decline of cash usage in some cases, prompting these studies.
The central banks of Japan, Brazil, and Australia have also initiated measures towards introducing a digital token.
Read the original article here: https://www.msn.com/en-ca/money/topstories/bank-of-canada-launches-public-consultations-on-digital-c/ar-AA1aUY8y