• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Industry / Canada’s CBDC Preps Going About In Full Swing Reveals Deputy Governor Of Canadian Central Bank
Canada

Canada’s CBDC Preps Going About In Full Swing Reveals Deputy Governor Of Canadian Central Bank

December 4, 2020 by Sahana Kiran

Central Bank Digital Currencies [CBDC] is currently the topic of interest of several governments across the globe. Canada seems to be alarmed by the swift movement of other nations as the country was seen prepping for the launch of its very own CBDC. The deputy governor of the Canadian central bank, Timothy Lane appeared in an interview giving the world insights about the development of the country’s CBDC.

Canada To Roll Out CBDC Sooner Than Expected

The emergence of COVID-19 limited the use of cash and fueled the need for digital payments. This gave the authorities a reality check and initiated the fast flow in the development of CBDC. While China revealed that it was way ahead in the CBDC race, several countries were seen trying to catch up, whereas a few others continued slacking.

Timothy Lane, the deputy governor of the Bank of Canada who is also the head of research at the central bank’s crypto and fintech department revealed that the bank’s perception towards CBDCs has changed over the course of nine months. While the pandemic was one of the reasons, the other was the emergence of other virtual currencies. The central bank feared that these had the potentials of undermining or disrupting the monetary sovereignty of Canada.

While the country is working without setting a deadline, Lane revealed that the world might see a Canadian CBDC “sooner than expected.” Furthermore, China’s headway towards the development of CBDC has left many alarmed. Addressing the same, Lane said,

“The Chinese economy is big enough that even something that is only usable in China, it’s going to already have a very large market. At the same time, there are countries that China has closer economic ties with where there could be more use of a renminbi-based digital currency. I don’t really know if that’s part of their intent or not, to promote a greater use of the renminbi in electronic payments in other parts of the world.”

Additionally, several in the world believe that CBDCs embodied a solution that was in quest of a problem. Lane, however, believed otherwise. While suggesting that CBDCs would not have seen the light of the day if it did not address a real issue, Lane pointed out that it is a mere response to the change in finance and technology. Modernizing is very important. If people failed to do so and continued to dwell in the existing means, there would be a huge gap in the system, he added.

Filed Under: Industry, Altcoin News, News, World Tagged With: canada, CBDC

Primary Sidebar

Recent Posts

  • Coinbase’s Latest Initiative To Spruce Up Listing Process January 16, 2021
  • Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option January 15, 2021
  • Chainlink [LINK] Onboards Bulls To Breach Its All-Time High Of $19.85 January 15, 2021
  • Huobi Makes It Easy For Russian Crypto Lovers By Aiding Ruble [RUB] Deposits/Withdrawals January 15, 2021
  • Bitcoin Aims For $40K Yet Again As Stablecoin Inflow Spikes January 15, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.