The Deputy Governor of the Bank of Canada says the Central Bank is exploring digital currency. Timothy Lane says the current system works well, but looking to the future, they need to be prepared.
How Canadians use money and make payments is changing in response to new technologies.
Lane says there is a steady decline in the use of cash as consumers switch to card and electronic payments.
He explains that the Bank of Canada has no plans to launch a digital currency but would instead build the capacity to issue a general purpose, cash-like Canadian digital currency should the need to implement one arise.