Bank of Canada Will Not Focus on CBDC Development
The Bank of Canada (BOC) has announced on its website that it will be winding down its efforts in developing a retail central bank digital currency (CBDC).
While it will no longer be focusing on the retail aspect, the BOC will continue its research and exploration of CBDCs in other areas.
The decision to shift its focus comes as the BOC prepares for new responsibilities and priorities, and the need for a “contingency plan” involving a CBDC is less urgent.
Instead, the BOC will shift its attention to broader payments system research and policy development. It is worth noting that Payments Canada, the organization responsible for operating Canada’s payment clearing and settlement system, is still working on developing the Real-time Rail payment system for retail transactions.
The association, which includes the BOC as one of its over 100 members, continues to prioritize the development of this system.
