EddieJayonCrypto
19 Sep 24
The Bank of Canada has decided to shelve plans for a central bank digital currency (CBDC), known as the "digital loonie," after almost five years of research. The proposed digital currency, aimed at everyday use such as buying groceries or transferring money, was met with strong opposition from the ...
Canada's central bank, the Bank of Canada, has decided to halt its plans for a central bank digital currency (CBDC), known as the "digital loonie," following almost five years of research. The proposed digital currency, intended for everyday use such as purchasing goods and transferring money, faced strong opposition from the public and prominent Canadian figures. Despite economists highlighting potential benefits, polling showed that 80% of respondents strongly opposed the idea. The central bank did not cite a specific reason for the change of direction but expressed its intention to continue researching the evolution of payments in Canada and globally.
Notably, other major G7 economies, including the United Kingdom and Australia, have also postponed or altered their plans for retail CBDCs. The decision to shelve the digital loonie comes following years of research and a public consultation, reflecting the complex interplay between technological innovation, public sentiment, and government policy in the realm of digital currencies.