St. FX Economics Professor Greg Tkacz isn’t surprised the Bank of Canada is going to start work
on building its own digital currency. Bank Deputy Governor Timothy Lane said this week it’s beginning work on developing a cryptocurrency in the event cash is no longer used for most transactions. Lane says the bank could issue it’s own cryptocurrency if digital currencies like Facebook’s proposed Libra becomes widely used in Canada and erodes the central bank’s ability to manage monetary policy.
on building its own digital currency. Bank Deputy Governor Timothy Lane said this week it’s beginning work on developing a cryptocurrency in the event cash is no longer used for most transactions. Lane says the bank could issue it’s own cryptocurrency if digital currencies like Facebook’s proposed Libra becomes widely used in Canada and erodes the central bank’s ability to manage monetary policy.Tkacz says the way we pay for goods and services has changed dramatically.
Tkacz says the increased use of digital types of payments will likely help these new types of currencies slowly evolve. Tkacz says he wouldn’t be surprised if we are almost completely cashless in 10 to 15 years.