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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.

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