By Paul Vieira
The Bank of Canada said Monday it would launch consultations on the possible use of a digital Canadian dollar.
The central bank said a digital currency isn't required at this time, and parliament has final authority on the issuance of a digital Canadian dollar.
The Bank of Canada said it wants to hear from Canadians about what features they believe should be embedded in a digital currency, along with concerns about security and privacy.
"This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians," said Carolyn Rogers, the Bank of Canada's senior deputy governor. "A digital Canadian dollar would ensure Canadians always have an official, safe and stable digital payment option issued by Canada's central bank."
The central bank said it would issue a report summarizing the findings later this year.
The European Central Bank, the Bank of England and the Reserve Bank of New Zealand have conducted similar consultations.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
05-08-23 1213ET
