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Banks of Canada need to issue digital currencies, think tanks say-National

The CD Howe Institute believes that the Bank of Canada needs to issue a digital currency that can be converted into cash.

In a new report, think tanks can be attractive if stablecoins linked to the Canadian dollar can be converted to cash issued by the Bank of Canada, and if properly designed and properly regulated. It states that there is.

Stablecoin is a cryptocurrency linked to underlying assets such as fiat currency.

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Why the COVID-19 pandemic highlights the need for Canadian digital currencies

Bank of Canada’s digital currencies believe they need to be issued in token form, using decentralized technology to settle transactions.

Bank-issued digital Canadian dollars can help the private sector introduce stablecoins linked to the Canadian dollar by allowing convertibility to be performed digitally without relying on physical banknotes. It also states that it has sex.

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The authors of the report add that the Stablecoin platform can be granted access to the Bank of Canada’s liquidity facility and deposit insurance to reduce the risk of execution.


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Canada considering creating a digital consumer currency


Canada Considering Creating Digital Consumer Currency – February 14, 2021

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Banks of Canada need to issue digital currencies, think tanks say-National

Source link Banks of Canada need to issue digital currencies, think tanks say-National

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