{"id":60038,"date":"2022-04-13T12:20:00","date_gmt":"2022-04-13T09:20:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=60038"},"modified":"2025-09-05T01:10:56","modified_gmt":"2025-09-04T22:10:56","slug":"bank-of-canada-questions-the-need-for-international-coordination-on-cbdc-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-canada-questions-the-need-for-international-coordination-on-cbdc-launch\/","title":{"rendered":"Bank of Canada questions the need for international coordination on CBDC launch"},"content":{"rendered":"

Achieving consensus with other central banks on deploying CBDCs is not a priority for the Bank of Canada (BOC). This was stated by Dinesh Shah, director of fintech research, in an interview with The Block<\/a>.<\/p>\n

In January 2020, the regulator, together with BIS<\/span> and five central banks formed<\/a> a working group to assess scenarios for the use of a national digital currency in their jurisdictions.<\/p>\n

In October, BoC Governor Tiff Macklem said that countries should adhere to a coordinated approach<\/a> in developing CBDCs.<\/p>\n

However, Shah argues that the deployment of digital currencies does not require coordination due to differences in payment systems. In his view, the international working group mainly exists to consolidate research.<\/p>\n

\n

\u201cEven if there is no consensus, this open exchange of ideas is very valuable,\u201d he noted.<\/p>\n<\/blockquote>\n

According to Shah, the study of CBDC at the Bank of Canada began around 2010. The central bank’s interest was triggered not by the appearance of cryptocurrencies, but by a trend in demand for cash.<\/p>\n

\n

\u201cAs in many other countries, there is a steady decline in everyday use of cash, even as the amount of cash in the economy increases,\u201d he explained.<\/p>\n<\/blockquote>\n

The official stressed that the central bank has not yet made an official decision to launch a CBDC.<\/p>\n

Research is at an early stage, so it is not yet known whether blockchain technology, underpinning most crypto assets, will be used for the digital currency.<\/p>\n

\n

\u201cBut it remains on our list of potential possibilities,\u201d he added.<\/p>\n<\/blockquote>\n

In March 2021, BIS urged central banks to cooperate<\/a> in CBDC development. In June, experts from the organization said that national digital currencies are moving from concept to the stage of practical implementation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Achieving consensus with other central banks on deploying CBDCs is not a priority for the Bank of Canada (BOC), said Dinesh Shah, director of fintech research, in an interview with The Block.<\/p>\n","protected":false},"author":1,"featured_media":60039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1951,1095],"class_list":["post-60038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-canada","tag-cbdc"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=60038"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60038\/revisions"}],"predecessor-version":[{"id":60040,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60038\/revisions\/60040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/60039"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=60038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=60038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=60038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}