- Canadian digital dollar could be ready to launch.
- Bank of Canada Governor reveals progress in a press interview.
- Canada is working with G7 countries for the digital dollar.
The Bank of Canada Governor Tiff Macklem reveals that the Canadian digital dollar is well past the trial phases. Macklem further revealed in a press interview with Reuters that the Canadian Government is working with G-7 countries towards the official launch of Canadian central bank digital currency (CBDC).
Revealing the progress, Macklem explained that the Canadian digital dollar is out of the proof of concept phase despite a lack of immediate need. He also constrained from revealing a launch date holding the stance on the CBDC.
Canadian digital dollar outpacing US digital dollar?
The BoC chief explained that the government wants to be prepared for the changing world economic dynamics despite no apparent need. Pertinent to mention that China is rolling out the Digital Yuan in phases while the United States government is also working towards a CBDC. Similarly, even developing countries such as Cambodia are now onboard the bandwagon.
Macklem expressed that they don’t want to be left behind in the CBDC race and caught by surprise. Calling out to the G-7, he expressed that the members should reveal their plans and CBDC launch dates. Other G7 members, including Germany, Italy, France, the US, and Japan, are all working towards a CBDC, while further information is rather obscure.
Macklem further expressed Canada’s wish for a synchronized global launch of G7 member CBDCs. As they are often perceived, the global elites are still lagging behind several countries in the CBDC launch. While the US is busy in an election year, the US department of justice is curbing cryptocurrency use to ensure user safety. A possible ban on Bitcoin and Monero has been expected by experts pre or post the US digital dollar launch.