Central Bank of Canada Governor Tiff Macklem announced that the country should be prepared for digital money and the bank is collaborating with G7 members to do so.
In an interview, Federal Reserve Governor Tiff Macklem shared some details of the country’s digital central bank money work. Macklem stated that the Canadian Central Bank is about to complete the theoretical studies on digital money and that it can now be switched to more concrete studies. However, the Central Bank Governor said that there is no need for now and emphasized that they will not implement this digital money project yet.
It is necessary not to fall behind from other countries
It is known that the Central Bank of Canada’s digital money studies have been going on for several years. Canada does not plan to use its own digital currency once these studies are completed. The aim of the country is to prepare a digital currency prototype and to be able to put this prototype into action quickly if needed.
Central Bank Governor Macklem reiterated the importance of this mission in his statements on the subject. Macklem said the country does not need to issue its own digital currency right now. However, while saying this, the Central Bank Governor did not neglect to add the following:
“If another country issues its digital currency and we fall behind, we may have problems. That’s why we want to be ready… It is possible to send a currency to another country and use it there. That’s why we don’t want another country to give us a (digital currency) surprise. ”
The studies are done jointly with the G7
The Governor of the Bank of Canada said that the country is not acting alone on digital currency and is moving forward with the G7. G7 members include Canada, as well as the United States, Germany, the United Kingdom, France, Italy and Japan.