According to a report by Ambcrypto on October 30, Bank of Canada Governor Tiff Macklem (Tiff Macklem) recently revealed that the bank is exploring central bank digital currency (CBDC) together with its G7 partners. . He also emphasized that central banks need to adopt a “globally coordinated” approach to develop CBDC to prevent criminals from using such tools. Earlier this month, seven central banks around the world, including the Bank of Canada, compiled a report on the basic principles of CBDC.
Regarding the CBDC project, the goal of the Bank of Canada is to apply the proof of concept to the digital Canadian dollar (loonie), which is to develop the central bank digital currency of Canada. However, McCallum believes that the central bank “now” does not need to issue digital currencies. In addition, he also expressed concern that other countries have developed digital currencies while Canada has not yet developed its own CBDC:
“If other countries have developed CBDC and we have not, this will definitely cause some problems. So we have to make sure we are prepared.”
President McCallum also emphasized the importance of overall planning, and said:
“Currency flows across borders, so we certainly don’t want to surprise other countries. It’s important for us to share information about what each of us is doing, what we’re planning, and what timetable we might do. of.”
So far, China has been pushing ahead with plans to launch a digital renminbi, which, according to the bank, will help the Chinese economy to get rid of its dependence on the global dollar payment system. In fact, a deputy governor of the People’s Bank of China (PBOC) once called for speeding up the process of launching China’s digital currency (digital renminbi) and making CBDC a part of the “independent” financial infrastructure in the digital age. At the same time, the People’s Bank of China launched a new round of DCEP trials. Some time ago, the Shenzhen Municipal Government issued DCEP vouchers worth 1.5 million U.S. dollars to allow retail users to use them for consumption.
There have been news reports recently that the People’s Bank of China issued a notice stating that the central bank is seeking public opinions on the revised draft legalization of CBDC, but the draft has been banned from circulation.
Even the Russian Central Bank commented on the possibility of launching a digital ruble. In fact, the governor of the Central Bank of Russia said last week that the pilot issuance of the Russian CBDC (digital ruble) is “possible” to start at the end of 2021. It is worth noting that neither Russia nor China participated in the above-mentioned CBDC basic principles report prepared by the seven central banks.
