Central Bank Digital Currency: A Review of Bank of Canada Papers

This year the Bank of Canada has published 9 staff analytical notes and staff working papers discussing Central Bank Digital Currencies (CBDCs).

As the most recent paper says, as a contingency the Bank of Canada is looking to build its capability to issue a cash-like retail denominated CBDC. It will be denominated in Canadian Dollars, not earn interest and be geared towards the public and small businesses. The Bank has been working in this area for a number of years, and these papers reflect the intensive and detailed work being done by the Bank to be able to issue a contingency CBDC. There is significant interest in CBDCs in central banks around the world and these papers provide a route to what the Bank of Canada’s has learnt.