Are you ready for the digital dollar?
The Bank of Canada is in the news this week, after announcing they're working on something called a central bank digital currency or a digital Canadian dollar. The Bank wants to be ready, though there are still plenty of questions to answer before it becomes reality.
"If a digital Canadian dollar were issued, it would be money that every Canadian could use every day," Bank Governor Tiff Macklem said.
A digital dollar wouldn't replace bank notes, and like paper bills, it would not accrue interest or change in value. If the federal government asks for a digital dollar, the Bank wants to be ready to issue the currency. They're asking Canadians for feedback through a survey running from May 8 to June 19.
"I'm sure the topic of a digital dollar will come up on June 8, in what's shaping up to be a really exiciting and historic event for Victoria," Chamber CEO Bruce Williams said.
The Chamber hosts the Bank of Canada's Deputy Governor Paul Beaudry as he delivers the next Economic Progress Report from Victoria. The reports earn national coverage and offer insight into the Bank's analysis of where the economy is heading. See more details under Upcoming Business Leaders Luncheons below.