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According to reports that came out at the end of June, a digital Canadian dollar could imitate traditional banknotes when it comes to the availability and accessibility of them. This comes in an analytical note published on the 30th of June by experts from the bank of Canada who revealed some of their goals for its own central-bank digital currency.
The group of experts explained that the CDDC should imitate the features of regular banknotes meaning that it would be available in urban, rural and remote communities throughout the country. This would mean people without bank accounts would be able to use it with ease.
For those that don’t know, analytical notes are a product of staff and analysts out of the bank which is separate from the governing Council. This means that they don’t necessarily represent the views of the bank itself just the researchers behind it.
The note further goes on to highlight that in order to maximise inclusion and usability, the bank should develop a digital currency that Canadians could use no matter their status. This means that even if they don’t own a smartphone or have access to the Internet, it will still work for them.
The bank of Canada is seemingly trying to understand the needs of its citizens through extensive consultations with numerous different user groups. It will be interesting to see where this goes in the future.
Article produced by Adrian Barkley
https://cryptodaily.co.uk/2020/07/bank-canada-cbdc-status
