Canada’s Central Bank Says CBDC Implementation Will Not Affect Banking Sector

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The Bank of Canada has recently released a study on the potential launch of a digital currency (CBDC). Despite the country’s citizens showing little interest in using a token tied to the Canadian dollar, the central bank is still exploring CBDCs.

This is much to the displeasure of the banking sector, which fears a loss of capital.

The Bank of Canada, however, maintains that there are no risks to the financial system and has published a new report that analyzes the potential effects of a digital Canadian dollar.

It is expected that most citizens will still use traditional financial tools such as cash and online payments, and the introduction of CBDCs will not significantly impact the banking sector. Instead, it will provide more opportunities for ordinary Canadians to access financial services.