Dollar

Bank

2024

Bitcoin

<h4><strong>After five years of research, Canada is set to abandon its plan to launch a central bank digital currency (<a href="https://www.altcoinbuzz.io/?s=cbdc" target="_blank" rel="noopener noreferrer nofollow">CBDC</a>). Instead, Canada plans to focus on broader retail payment and policy development.</strong></h4>
<p>Canada first announced its research on CBDC in 2019 and held a public consultation in 2022.</p>
<h5><strong>Bank of Canada Pauses Digital Dollar Plans</strong></h5>
<p>The Canadian Central Bank, in a research paper released earlier this year, claimed a digital Canadian dollar would help citizens maintain financial stability and monetary sovereignty. This comes amidst a drastic decline in the use of cash in Canada.</p>
<p>Confirming the change of plans, a <a href="https://www.bankofcanada.ca/digitaldollar/" target="_blank" rel="noopener noreferrer nofollow">document</a> titled “Digital Canadian Dollar” said, “With this work completed, and with other payments issues gaining prominence, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development.”</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">The Bank of Canada have abandoned their plans to implement a Central Bank Digital Currency</p>
 <p>This is HUGE! <a href="https://t.co/MZR3nMyT2l" rel="noopener noreferrer nofollow">pic.twitter.com/MZR3nMyT2l</a></p>
 <p>— The Pleb <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e8-1f1e6.png" alt="🇨🇦" class="wp-smiley" style="height: 1em; max-height: 1em;"> Reporter (@truckdriverpleb) <a href="https://twitter.com/truckdriverpleb/status/1837287143749648623?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Although the central bank did not provide any reason for its sudden change from a CBDC, separate research claims that a CBDC would result in a 12% decline in bank deposits if implemented.</p>
<p>The proposed CBDC would have served as a retail CBDC. This means Canadians could be able to use it for their daily expenses and transactions. However, the central bank told CBC News it would “continue to monitor global retail CBDC developments and publish some related research.”</p>
<h5><strong>Canadians are Against a Digital Dollar</strong></h5>
<p>Even though economists claim CBDCs are important to the economy, the idea of a digital Canadian dollar has yet to catch on with many Canadians, according to polls. Data from the central bank in November 2023 showed that 80% of those surveyed were firmly against the Bank of Canada’s research and development of a digital dollar.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Bank of Canada Shelves CBDC.</p>
 <p>Some of the best Canadian twitter accounts are busy with realtors b/sing about rate cuts right now so I’ll say this.</p>
 <p>This is a win. May it collect dust and be an example to the world as an utter failure.</p>
 <p>TL:DR Reasons why CBDC is bad:</p>
 <p>-…</p>
 <p>— RedemptionTrade (@RedemptionTrade) <a href="https://twitter.com/RedemptionTrade/status/1837271992321368555?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 20, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Additionally, key individuals in Canadian politics, including Pierre Poilievre, leader of the Conservative Party, strongly oppose the concept of a CBDC. Poilievre argues that it could result in “politicized banking” and pose privacy risks. He instead advises Canadians to invest in cryptocurrencies like Bitcoin to safeguard their wealth amid rising inflation in Canada.</p>
<p><a href="https://www.altcoinbuzz.io/cryptocurrency-news/north-carolina-blocks-cbdcs-with-new-law/" target="_blank" rel="noopener noreferrer nofollow">Reports</a> claim that most major economies have moved away from their CBDC plans in 2024. The UK and Australia have shifted their focus from launching retail CBDCs to more research and wholesale CBDCs, respectively.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/canada-reassesses-cbdc-plans-focuses-on-payment-systems/" rel="noopener noreferrer nofollow">Canada Reassesses CBDC Plans, Focuses on Payment Systems</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Canada Reassesses CBDC Plans, Focuses on Payment Systems

Altcoin Buzz

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