The Bank of Canada has announced a strategic shift away from developing a retail Central Bank Digital Currency (CBDC) to focus on broader payments system research and policy development. This decision follows a public consultation in 2023, which revealed significant privacy concerns among Canadians. While the central bank remains open to revisiting the idea of…
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Pierre Poilievre, leader of Canada’s Conservative Party, backs a bill that seeks to ban central bank digital currency (CBDC) in Canada. He argues that a CBDC would give the government excessive control over finances, threatening privacy and economic freedom. “It’s time to put an end to creating a central bank digital currency in Canada,” he…
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The staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challenges and vulnerability limit its potential use in traditional finance. The Bank of Canada published a staff note on decentralized finance (DeFi) on Oct. 17, assessing the innovations that made it popular and the challenges and…
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The potential is there, but the difficulties in achieving financial inclusivity are often underestimated, a Bank of Canada study shows. A common argument made in favor of central bank digital currency (CBDC) is that it could boost financial inclusion. The nuances of how to accomplish that goal, or even what “financial inclusion” means, remain to…
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Cryptocurrency ownership in Canada declined in 2022 due to a plethora of factors including uncertainty in regulation, fear of digital asset scams, and unfavorable market conditions. A new survey, the Bitcoin Omnibus Survey (BTCOS) by the Bank of Canada highlights the trend of digital assets in the country from an analysis involving 4,996 participants…. Read…
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Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources. United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with…
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On Sunday evening, March 19, 2023, at 5:00 p.m. Eastern Time, the U.S. Federal Reserve, along with several central banks including the Bank of England, Bank of Canada, Bank of Japan, the European Central Bank, and the Swiss National Bank, announced a coordinated action to enhance the provision of liquidity via the standing U.S. dollar…
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This week researchers from the Bank of Canada published the central bank’s Financial System Review which highlights five key statistics tethered to Canadian bitcoin owners. According to the Bank of Canada’s metrics, 13% of Canadians own the leading crypto asset bitcoin, and “most Canadians are aware of bitcoin.” Bank of Canada’s Financial System Review Highlights…
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Canadians have been dealing with rising inflation and the Bank of Canada raising the benchmark interest rate following more than two years of monetary easing tactics. On Sunday, Canadian central bank governor Tiff Macklem explained that “reasonably good harvests” will contribute to reducing food inflation. The day before Macklem’s statements on CBC Radio, Canadian columnist…
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Tobias Adrian is the Financial Counsellor and Director, and Christopher Erceg and Fabio Natalucci are Deputy Directors at the International Monetary Fund (IMF)’s Monetary and Capital Markets Department.__________… Read More: Soaring Inflation Puts Central Banks on a Difficult Journey Read more »Pay, Trade, Buy Bitcoin with Credit Card
