Central Bank of Canada is considering the issue of its own digital currency

The Bank of Canada is exploring the possibility of issuing its own digital currency, which will help “deal with the direct threats of cryptocurrencies and collect more data about citizens spending money.”

Bank of Canada employees presented the head of the bank, Stephen Poloz, and the board of directors with an internal presentation offering more complete information on the advantages and disadvantages of digital currencies. The presentation notes that digital currency should be widely available and will first be used in conjunction with paper money, and then completely replace them.

“The asset, supported by the Central Bank, has all the advantages of regular money, but also offers safe and convenient electronic payments. We need to introduce innovative technologies so as not to be left behind the story. Cryptocurrencies can become a direct threat to our monetary policy and our role as the final lender, ”the presentation says.

Bank staff also noted that the digital currency will allow authorities to collect significantly more information about citizens spending money. According to the presentation, “all payment details and customer data will not be available to the store, but may be provided to the police or tax authorities.”

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Recall that in July this year it was reported that Canadian regulators will focus on the study and regulation of distributed registry technology (DLT), including blockchain.