News Explorer — Canada Scraps Plan to Launch 'Digital Loonie' CBDC

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Sep 19, 12:18 pm

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Canada Scraps Plan to Launch 'Digital Loonie' CBDC

After almost five years of research, the Bank of Canada has decided to shelve its plans for a central bank digital currency (CBDC), also known as a "digital loonie." The central bank had launched a research project in 2019 and conducted a public consultation in 2022. While a CBDC was seen as a way to maintain monetary sovereignty and financial stability, the idea faced strong opposition from Canadians and prominent figures in the government.

After almost five years of research, the Bank of Canada has decided to shelve its plans for a central bank digital currency (CBDC), also known as a "digital loonie." The central bank had launched a research project in 2019 and conducted a public consultation in 2022. While a CBDC was seen as a way to maintain monetary sovereignty and financial stability, the idea faced strong opposition from Canadians and prominent figures in the government.

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