The post Bank of Canada Ends CBDC Plans After 7 Years, Shifts Focus appeared on BitcoinEthereumNews.com.

The Bank of Canada ends its seven-year plan to develop a digital currency, shifting focus to broader payment trends. The central bank will concentrate on modernizing payment systems while monitoring global digital currency developments. Following seven years of extensive research and analysis, the Bank of Canada has decided to stop its ambitions to build a central bank digital currency (CBDC). This momentous action signals that the bank will no longer pursue a digital Loonie, at least in the near future. The decision indicates a shift in the bank’s priorities, which will now be centered on tracking larger payment system trends and addressing domestic and international payment concerns. Despite the fact that its CBDC plans were halted, the research completed over these years is still relevant and could serve as a basis if future interest in a digital currency arises. #BREAKING: The Bank of Canada has announced that it will be DROPPING its plan to create a BoC-regulated digital currency after years of consideration. pic.twitter.com/GB3oBQYAHx — Canada Proud (@WeAreCanProud) September 20, 2024 Canada Prioritizes Payment Infrastructure Over Digital Currency  One of the primary reasons for this decision is that the Bank of Canada has chosen to focus on more critical payment-related issues. Notably, the bank is poised to take on additional obligations under the Retail Payment Activities Act, highlighting the significance of prioritizing the country’s payment infrastructure. By refocusing its efforts, the Bank of Canada hopes to address new issues in the payments sector and ensure that it can react to changing trends. As a result, the central bank will remain vigilant over global digital currency developments, closely monitoring how the digital currency area evolves around the world. It’s interesting to note that the Bank of Canada is still actively involved in Payments Canada’s Real-time Rail (RTR) payment project despite leaving…

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Filed under: News - @ September 22, 2024 11:24 am