Digital currencies and fintech: research

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Understanding the benefits and risks of digital currencies and electronic payments is important because new technologies and new players could affect the financial system. This in turn could influence how we work to fulfill our core functions. For this reason, we closely monitor fintech developments.

Over the past few years, the Bank of Canada undertook significant research towards understanding the implications of a retail central bank digital currency (CBDC), including exploring the implications of a digital dollar on the economy and financial system, and the design features and technological approaches to providing a digital form of public money that is secure and accessible. This was part of its contingency planning to be ready to issue a CBDC in the future if the need were to arise.

Research by Bank staff is produced independently from the Bank’s Governing Council. It may therefore differ from official Bank views. The views expressed in research papers are solely those of the authors. No responsibility for them should be attributed to the Bank.