Technology, Politics

October 19, 2020

Canada is looking into building its own digital currency

Source: Unsplash (Hermes Rivera) 

The Gist

The Bank of Canada recently posted a job looking for a cryptocurrency expert to help them understand, regulate, and develop new financial technologies. 

The List

  • Many countries around the world have been considering issuing their own digital currencies. 
  • A digital currency issued by a central bank (CBDC), uses blockchain technology found in cryptocurrency to more effectively issue and track money. 
  • Canada's central bank, The Bank of Canada, is looking for an expert in digital currencies to help them develop Canada's CBDC. 
  • Critics worry that a fully traceable digital currency would give too much power to government authorities. 
  • Proponents argue it could eliminate financial crimes such as fraud, and optimize the emergency issuance of funds such as government aid during the current Covid-19 pandemic.

Additional information

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