Federal Officials Concerned About Bank Of Canada Adopting Cryptocurrency

Posted by Baystreet staff, baystreet.ca

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Internal government documents show that federal officials are concerned about the economic impact that would result if the Bank of Canada develops its own cryptocurrency.

The Bank of Canada has spent years studying the feasibility of developing a digital currency or virtual dollar, but so far hasn’t seen a need to issue one.

However, internal government documents obtained by the Canadian Press show that federal officials are concerned that the issuance of a digital currency would cause “wide-reaching implications for the economy, the financial system” and the Bank of Canada’s operations.

The documents also show the central bank held a series of meetings with federal officials over the course of 2020 to gauge the implications of a “digital Loonie” on departments and agencies…read more.