Digital Loonie

Research → Cancelled

Link to announcement: www.bankofcanada.cawww.cbc.ca

Link to announcement: www.bankofcanada.ca

Link to announcement: www.bankofcanada.ca

Main motivation/goals of the CBDC: The Bank will consider launching a CBDC if certain scenarios materialize or appear as if they are likely to. A CBDC could become beneficial or even necessary, if 1) the use of bank notes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or 2) one or more alternative digital currencies - likely issued by private sector entities - were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account. → The Bank will consider launching a CBDC if certain scenarios materialize or appear as if they are likely to. A CBDC could become beneficial or even necessary, if 1) the use of banknotes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or 2) one or more alternative digital currencies - likely issued by private sector entities - were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account.

Link to announcement: www.newswire.ca

Main motivation/goals of the CBDC: Considering the challenges of losing cash as the anchor of public money, the main motivation here is to hedge against the risks of losing relevancy to other digital currencies. → The Bank will consider launching a CBDC if certain scenarios materialize or appear as if they are likely to. A CBDC could become beneficial or even necessary, if 1) the use of bank notes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or 2) one or more alternative digital currencies - likely issued by private sector entities - were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account.

Link to announcement: www.bankofcanada.ca

Announcement Year: 2020 → 2017

Main motivation/goals of the CBDC: The Bank will consider launching a CBDC if certain scenarios materialize or appear as if they are likely to. A CBDC could become beneficial or even necessary, if 1) the use of bank notes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or 2) one or more alternative digital currencies - likely issued by private sector entities - were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account. → Considering the challenges of losing cash as the anchor of public money, the main motivation here is to hedge against the risks of losing relevancy to other digital currencies.

Link to announcement: www.ledgerinsights.com

None → Research

Announcement Year: 2020

Retail/Wholesale: Retail

Structure: Token

Description: The Bank of Canada currently has no plans to launch a CBDC. Rather, the Bank will build the capacity to issue a general purpose, cash-like CBDC should the need to implement one arise. Because it will take several years to build this capacity, the Bank cannot wait until the need is evident before launching preparatory work. Preparing in advance is critical. At the same time, the Bank is preparing for a range of other possible changes to money and payments in Canada as innovation continues.

Main motivation/goals of the CBDC: The Bank will consider launching a CBDC if certain scenarios materialize or appear as if they are likely to. A CBDC could become beneficial or even necessary, if 1) the use of bank notes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or 2) one or more alternative digital currencies - likely issued by private sector entities - were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account.

Link to announcement: www.bankofcanada.cawww.bankofcanada.ca

Country / Region: Canada

Central Bank(s): Bank of Canada