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.

The Bank is conducting research related to a central bank digital currency (CBDC). This is 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.

 

 

Latest research

Cash and COVID-19: The impact of the pandemic on demand for and use of cash

Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards.

Security of a CBDC

Staff Analytical Note 2020-11 Cyrus Minwalla
Security is an important element in ensuring public confidence in a central bank digital currency (CBDC). This note highlights the required security properties of a CBDC system and the challenges encountered with existing solutions, should the Bank of Canada choose to issue one.

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