Bank of Canada to create its own digital currency as ‘contingency,’ deputy says

From investmentexecutive.com

One of the country’s top central bankers says the Bank of Canada is going to start the work to build its own digital currency as a backstop should the day arise where cash is no longer king. In a speech in Montreal, deputy governor Timothy Lane said Tuesday there isn’t a compelling case to issue a central bank-backed digital currency right now. But the timeline to create one is long enough that the Bank of Canada is beginning work in the event cash is no longer used for most transactions. Lane said such as situation could erode competition in the financial services sector and payment privacy, as well as exclude ... (full story)