Canadian Central Bank analysts, Bank of Canada (BoC), have said that key features of the central bank digital currency (CBDC) should be characterized by accessibility, efficiency, affordability and flexibility.
According to the Bank of Canada, CBDC could take on the features of cash
Bank of Canada published a new analytical note for employees detailing the research carried out by central bank experts on CBDC.
According to the document, the digital Canadian dollar should be available to everyone, regardless of age and financial condition, including those living in remote areas.
Experts said that to tailor the CBDC model to people’s needs, proper community consultation is needed. The note also states that the central bank intends to make its CBDC available through a “universal access device” (UAD), which will have some features of fiat currency. The proposed UAD would be designed to fit people’s wallets, effectively allow small transactions, be affordable, and offer maximum integration.
“The UAD design could be based on similar principles and include visual and security elements similar to current banknotes. This would allow Canadians to see this device as a product of the Bank of Canada and accept it with confidence. “
– wrote in the note.
BoC is actively researching the development of CBDC. In addition to this last note, the Canadian Central Bank has previously issued a CBDC privacy publication.
Central banks are working hard on CBDC
Despite various studies carried out by the Central Bank of Canada, he is in no hurry to release his CBDC. In February 2020, one of the executive directors stated that BoC will create a digital Canadian dollar only when absolutely necessary.
On the other hand, other countries have made significant progress in implementing their projects. The Central Bank of Thailand has recently worked with SCG to conduct a pilot test for CBDC.
South Korea, which had previously introduced a pilot program for its planned CBDC project, later set up a legal advisory committee to check for any regulatory obstacles.
China is still the leader in the work on the CBDC. The digital yuan may see the light of day in 2020.