Canada’s Central Bank is serious about designing a Central Bank Digital Currency (CBDC). The central bank revealed it was “reinventing the central banking system” and fundamentally rethinking Canada ‘s cash culture.
“The Bank of Canada is embarking on a program of major social significance to design a contingent system for a CBDC, which can be thought of as a banknote, but in digital form,” the bank wrote.
According to a job posting, Canada’s CBDC should protect user privacy (although not to the degree that cash does), remain open to those without bank accounts or cell phones, operate when power is out and rival banknotes in their protection, in order to gain confidence among cash-wielding publics.
In addition , the bank wants its CBDC to live on an infrastructure that can evolve in tandem with policy priorities, “with a potentially multi-decade changing lifespan.”
“While the Bank is ramping up contingency planning for this eventuality, there is not a compelling case at this time to issue a CBDC.” said a spokesperson from the Bank of Canada.