The Bank of Canada is discussing the creation of a national cryptocurrency

Russia says that it will release cryptool. The European Central Bank and SWIFT are trying to speed up the processing of normal payments in order to slow the spread of crypto. It seems that another country is trying to join the world of digital currencies. According to recent reports, the Bank of Canada is thinking about issuing the national currency.

«Digital currency of the Central Bank: motives and consequences» (CBDC) — the name of the thirty studies, the Bank of Canada. The authors — Walter Engert (Walter Engert) and Ben Fung (Ben S. C. Fung). The paper starts with an introduction about what bitcoin and its underlying technology «has created the opportunity to significantly impact the financial system and perhaps the economy more broadly».

Canada is not considered a center of cryptostigmata, however, is known for its rather soft attitude towards bitcoin and other cryptocurrencies. Was recently allowed to run
the first Bitcoin ETF in Canada, and informed the financial regulator of the country explained
its position at the ICO, noting that he wants «to encourage innovation in financial markets».

«This paper considers the question of whether the Central Bank to issue digital currency that can be used by society», — the document says CBDC.

The aim is to come to «the master digital currency the Central Bank, which has functions similar to cash».

For and against

Cryptocurrency enthusiasts are skeptical of government intervention. Especially when we are talking about technologies which are the basis of the monetary innovation. Few people believe that the state of the cryptocurrency will also be open as a bitcoin – many people assume that it’s just a way to displace other decentralized currency out of the economy.

The document CBDC addresses the question of whether it is desirable in principle, the establishment of the national decentralized cryptocurrency. In fact, the document asks the question of how good the concept of companies using non-cash decentralized money.

Among the main arguments against the establishment of a national cryptocurrency is referred to the loss of seigniorage, Central Bank revenue it receives from its currency monopoly. This cryptocurrency does not imply «there are no transactional fees charged by the Central Bank and cryptocurrency in General will be cheaper for businesses than cash and credit cards» — envision CBDC.

The document stresses that the establishment of a national digital currency is just a suggestion, not official policy. The report also says that the technology of the distributed registry is still too new, so it is necessary to observe all possible precautions before its widespread introduction.

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