A central bank digital currency, according to the Bank of Canada, is "probably necessary" for a competitive digital economy. According to the bank, a CBDC would provide clients with a risk-free alternative to banking. The possibility of a digital currency is being studied by central banks all over the world.
The central bank repeated its earlier view that a CBDC might be issued in Canada in one of two scenarios: either because cash is no longer commonly used in Canada, or because an alternative digital currency is widely used to the point of endangering the country's monetary sovereignty. According to the bank, the latter option is unlikely.
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