BANK OF CANADA MULLING DIGITAL CURRENCY DESIGN

Oct 01, 2018

By Michael Kramer

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Canada’s central bank is looking at the key questions around the design of a digital currency.

But deputy governor Timothy Lane says the bank wouldn’t recommend issuing such a currency – unless the risks associated with it can be managed through appropriate design.

Speaking at the University of Calgary, Lane said those risks include concern that the currency could become a vehicle for illicit transactions.

He says cryptocurrencies currently don’t do a good job of performing the basic functions of money – but as they evolve – they may approach the central bank’s core functions – including monetary policy, financial stability, payments and currency.

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