1:49 AM
Bank of Canada Monitors Libra's Success to Launch Its Cryptocurrency

A Canadian bank does not currently see the need to launch a national stablecoin. At the same time, representatives of the department do not exclude this in the future if there is a real competitor to fiat currency on the market.

Earlier, representatives of the Bank of Canada actively worked on the issue of central bank digital coins (CBDC) and tested the technology of the Corda blockchain platform from the R3 consortium with the participation of the Singapore Currency Office.

This week, Deputy Head of Regulator Timothy Lane made a speech and voiced the position of the Canadian Central Bank. He noted that there are currently no promising CBDC options. Canadians will continue to be served by the current payment ecosystem in view of modernization.

Lane noted that the massive distribution of private altcoins could change the position of the regulator. If cryptocurrencies begin to undermine the competition of fiat currencies and become a threat to the country's currency sovereignty, the Central Bank will consider the possibility of issuing a national stablecoin.

Now it is impossible to unequivocally state whether Libra will be able to fulfill its promises and whether this cryptocurrency will be launched at all, but the company is a clear example of transformational technology that affects the actions of banks in the development of the monetary system in the future.

In the short term, the Canadian Bank plans to continue research and consultations with central banks of other countries. Also, experts will find out who ordinary citizens want to see on the updated $ 5 banknote. If you ever decide to release CBDC, you need to move ahead in its design.

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