Canada is one of the jurisdictions exploring the possibility of issuing its own digital currency (CBDC) for the residents of the country. The country has made great steps in realizing a cashless future.
The Bank of Canada is creating an initiatives portfolio modeled to prepare the country for future cashless transactions. The initiatives include building the capability to issue CBDC to Canadians, as a contingency when the need arises. The cryptocurrency of the Central Bank should be integrated with existing payment systems, universal and accessible to everyone, regardless of their location and age.
According to the Bank of Canada, the technical development of CBDC may take several years of full cooperation with interested parties and residents of the country. The final design of the digital currency should have the following features: ensure user privacy, provide instant transfers, and be resistant to infrastructure failures. In addition to the listed features, the technology should also be developed in accordance with the dynamic development of the digital world, to help improve the use of digital transactions.
Image courtesy of Reuters