May 19, 2022

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Bank of Canada wants to create its own digital currency

The cryptographic industry, no doubt, now really focuses on all the economic and financial realities of the world. Large companies are accumulating bitcoin, thus bringing them closer to the world of digital assets. We have a confirmation coming from Canada Bank of America It seems to be ready to create something of its own Digital currency.

In other words, the Central Bank of Canada would have announced its intention to test a possibility CDBM Thank you for your cooperation with Massachusetts Institute of Technology (MIT). The official announcement came on February 16, 2022, in a press release issued by the country’s banking institution.

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Bank of Canada will try the digital currency route

Why on earth Bank of Canada He would have decided to test a real possibility Digital currency? Basically because a CDBM guarantees some interesting possibilities compared to the classic Fiat currency and its structure:

  • Will support Cryptographic evidence Payment;
  • Making more complex transfers to or from multiple financial sources;
  • Will provide Transaction Limits Variables.

Here’s how he explained this project there Bank of Canada In its official press release a few days ago:

The Bank will work with the MIT Media Lab’s Digital Currency Initiative Team to explore how advanced technologies may affect CBDC’s potential design. This study will help inform the Bank of Canada’s research initiative on CBDC.

Announcing what this partnership and experiment will bring, The Central Bank of Canada He also described the broad branches of testing work and promised a detailed report at the end of the project:

The project is part of the Bank’s comprehensive research and development program on digital currencies and fintech. It will focus on exploring and testing possible technical approaches to determine how CBDC might work. No decision has been made on the introduction of CBDC in Canada.
The Bank of Canada will provide an update on the results at the end of the project period.

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