February 10 (Reuters) – The COVID-19 pandemic has exacerbated the Bank of Canada ‘s development of digital currency and a decision could come sooner than previously expected, a senior policymaker said Wednesday, although It was noted that the launch was not a “difficult decision. ”
Speaking to a digital intelligence audience, Bank of Canada deputy governor Tim Lane said that while the pandemic has boosted cryptocurrencies like Bitcoin, recent price spikes look like “speculative mania” and they are still unbelievable as the money of the future.
“For a number of years, the Bank of Canada has been analyzing the circumstances that may force Canada to withdraw digital currency. The pandemic could take us to a decision point sooner than we expected, ”said Lane, noting that money was growing in Canada and cryptocurrencies were rising.
But while the pandemic had accelerated the central bank ‘s work to prepare for the day when it could launch a so – called digital loonie, Lane made it clear that moment had not yet arrived.
“In a speech … a year ago, I made the first impression: we didn’t see the need for central bank digital money at that time,” Lane said. “One year on, our view remains unchanged: digital money is not a difficult decision.”
(Reciting with Julie Gordon and David Ljunggren)
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