For years, the bank has been developing contingency plans for a world in which value moves around much differently than it does today. Since the release of the bitcoin white paper in 2008, digital currencies issued by private firms or individuals have become worth trillions of dollars — posing a potential challenge to currencies issued by governments. Some influential voicesThere was an error, please provide a valid email address.
“It’s a mistake to think about this just as a product we may want — or may not want — to get out there very quickly in the marketplace,” Shah toldin an interview. “We really have to have a horizon of 10 years at the minimum, I would say, given what kind of a substantial product this would be” — meaning the bank is trying to consider how technology might change in the decade after the launch of a CBDC, with potential advances in fields like quantum computing and homomorphic encryption.
The Bank of Canada has said it sees no need for a CBDC just yet. That could change if the use of physical cash declines further or if a privately issued digital currency becomes widely used, deputy governor Timothy Lanelast year. Even so, the decision to issue one ultimately rests with the government, a bank spokesperson said.
The central bank’s work comes as other nations including the U.S. and U.K. explore issuing a CBDC. In January, the U.S. Federal Reserve
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