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Governor of the Bank of Canada Tiff Macklem speaks during a videoconference event with the Council on Foreign Relations at the Bank of Canada in Ottawa on Oct. 7, 2021. (The Canadian Press/Justin Tang) The Bank of Canada is hiring a product architect as it continues to move forward with its “contingency plan” for a central bank digital currency (CBDC), leading some to speculate about the potential consequences.
A digital currency is a hot topic south of the border, as the U.S. public awaits the imminent release of a Federal Reserve paper on its own CBDC. While the idea may be new to Americans, the Bank of Canada has been issuing reports on the concept since November 2016.
A year ago, the bank co-authored a report with six other central banks and the Bank of International Settlements to establish foundational principles and core features of a CBDC. In February 2021, the bank published three CBDC proposals: one from the University of Calgary, another from McGill University, and a joint University of Toronto and York University submission.
In an email to The Epoch Times, Bank of Canada spokesman Alex Paterson said the proposals were made to stimulate thought.
“[T]he proposed designs are not intended to be adopted by the Bank. Rather, the Bank will use these reports to inform its thinking and advance public conversation on a central bank digital currency design,” Paterson wrote.
Bank leadership has consistently said it’s only trying to be prepared and a digital currency is not a sure thing. Governor Tiff Macklem told the media in April that the decision ultimately lies with the finance minister, adding, “if we were to issue a digital currency, we wouldn’t stop printing cash.”
Still, the bank is taking steps toward bringing a product to market. In August, it issued a job posting for a product architect for “a program of major social significance to design a contingent system for a central bank digital currency (CBDC), which can be thought of as a banknote, but in digital form.”
According to the posting, part of the job would be to “craft a coherent product architecture and design […]
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