Global #Bank of Canada

In a significant update last week, the Bank of Canada announced a shift in its approach to central bank digital currency (CBDC) development, moving away from the idea of a retail digital Canadian dollar.

In a recent address, Tiff Macklem, Governor of the Bank of Canada, highlighted the dual-edged nature of artificial intelligence (AI) and its potential implications for inflation and financial stability.

The Bank of Canada has decided to halt its efforts to introduce a digital version of the Canadian dollar, shifting its focus instead to broader developments in the payment systems both domestically and internationally.

Recent surveys conducted by the Bank of Canada reveal that the adoption of cryptocurrency for everyday transactions in Canada remains low, with less than 3% of Canadians using Bitcoin or other cryptocurrencies for payments in 2022 and 2023.