Canadian Central Bank considering launching its digital currency

Bank of Canada Deputy Governor Tim Lane said today that the coronavirus pandemic is speeding up public use of online services and this means that the Bank of Canada must move faster to research how to make a digital currency for the Canadian central bank.

Lane added, "The main point, I think, is that all of this seems more urgent because of the speed at which technology is developing. With Covid 19, we have seen an acceleration in the transformation of online activities and this indicates that we need to move faster than we thought would be necessary."

Lane added during a panel discussion on the future of money that the Bank of Canada is studying the issuance of (CBDC), but there was no specific time frame for launching the currency, adding, "Certainly we are talking to a number of companies that have products that they develop or also provide advice on these matters