Bank of Canada says consensus on CBDC design among central banks not a priority

04/12 12:36

According to The Block, the Bank of Canada recently confirmed a 12-month research project exploring the use cases of CBDCs with the Massachusetts Institute of Technology. But the Canadian central bank’s director of fintech research, Dinesh Shah, says that consensus with other central banks would not be a priority if a CBDC were to be issued,unless the bank chose to explore cross-border payments. Shah says that decisions regarding a CBDC are specific to individual countries due to their differing payment systems. “Even if there’s no consensus, that open sharing of ideas is very valuable,” he adds. Shah stressed that no formal decision has been made to issue a Canadian CBDC. It’s still quite early days, he says — so much so that the role of blockchain technology, decentralized digital ledgers that underpin the vast majority of cryptocurrencies, in designing any CBDC is not clear.
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