A Uniform Currency in a Cashless Economy Staff Analytical Note 2020-7 Walter Engert, Ben Fung A number of questions can arise when considering the implications of a cashless society. This note considers whether cash is necessary for a uniform currency. Content Type(s): Staff research, Staff analytical notes Topic(s): Bank notes, Digital currencies and fintech, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E42, E5
February 25, 2020 Exploring new ways to pay Speech summary Timothy Lane CFA Montreal FinTech RDV 2020 Montréal, Quebec Deputy Governor Timothy Lane explains how the Bank of Canada is preparing for a future where Canadians may need a digital currency issued by their central bank. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Cryptoassets, Cryptocurrencies, Digital currencies and fintech
February 25, 2020 Contingency planning for a central bank digital currency This background note explains the Bank’s official position on CBDC. It outlines the public policy, design, technology and risk management issues the Bank is considering as it builds its capacity to issue a CBDC in case it is needed in the future. Content Type(s): Background materials Topic(s): Digital currencies and fintech
February 25, 2020 Money and Payments in the Digital Age Remarks Timothy Lane CFA Montréal FinTech RDV2020 Montréal, Quebec Deputy Governor Timothy Lane explains how the Bank of Canada is preparing for a future where Canadians may need a digital currency issued by their central bank. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Cryptoassets, Cryptocurrencies, Digital currencies and fintech
Technology Approach for a CBDC Staff Analytical Note 2020-6 Dinesh Shah, Rakesh Arora, Han Du, Sriram Darbha, John Miedema, Cyrus Minwalla In this note, we highlight a range of technical options and considerations in designing a contingent system for a central bank digital currency (CBDC) in Canada and explore how these options achieve stated public policy goals. Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E4, E42, E5, E51, O, O3, O31
CBDC and Monetary Sovereignty Staff Analytical Note 2020-5 Antonio Diez de los Rios, Yu Zhu In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty. Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Monetary policy JEL Code(s): E, E5, E52, E58, F, F5, F55, G, G1, G15
CBDC and Monetary Policy Staff Analytical Note 2020-4 Mohammad Davoodalhosseini, Francisco Rivadeneyra, Yu Zhu Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice. Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52
January 31, 2020 Understanding money in the 21st century Here's what money does—and how we’re handling it in the digital age. Content Type(s): Explainers Topic(s): Bank notes, Digital currencies and fintech
January 21, 2020 Central bank group to assess potential cases for central bank digital currencies The Bank of Canada announces it is creating a working group with five other central banks and the Bank for International Settlements to assess the potential cases for central bank digital currencies. Content Type(s): Press, Announcements Topic(s): Digital currencies and fintech
December 12, 2019 The Bank of Canada’s plans for 2020 Speech summary Stephen S. Poloz Empire Club of Canada Toronto, Ontario In his traditional year-end speech, Governor Stephen S. Poloz described some of the long-term forces affecting the global and Canadian economies that will shape the Bank’s work in 2020. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Digital currencies and fintech, Economic models, Inflation targets, International topics, Monetary policy framework, Productivity