Bank of Canada Governor Says Digital Dollar Project Moving Past Trial Stage

Bank of Canada Governor Says Digital Dollar Project Moving Past Trial Stage
Governor of the Bank of Canada Tiff Macklem (center) at a G-7 Ministerial Meeting at the US Treasury April 11, 2008 in Washington, DC.
(Brendan Smialowski/Getty Images)

The chief of Canada’s central bank has said its national digital currency initiative is progressing past the experimental phase.

In an interview published Thursday, Bank of Canada (BoC) Governor Tiff Macklem said his institution is working with G7 member states on its plans for a central bank digital currency (CBDC).

The digital dollar project, he said, is now moving beyond the proof-of-concept stage and closer to being ready for launch. However, the governor deflated expectations, saying he thought there isn’t a need for one “right now.”

Even so, Macklem shared concerns about being outpaced by other countries, adding his institution wants to make sure it’s prepared for a CBDC launch if it chooses to head in that direction.

“If another country has [a CBDC] and we don’t, that could certainly create some problems,” Macklem said. “We certainly wouldn’t want to be surprised by some other country.”

G7 members should share information on their CBDC plans and timelines, he added.

The G7 includes some of the world’s largest developed nations – Canada, France, Germany, Italy, Japan, the U.K and the U.S. – as member states, which generally act in unison to address global economic issues.

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