A Retail CBDC Design for Basic Payments: Feasibility Study Staff discussion paper 2025-9 Sriram Darbha, Cyrus Minwalla, Rakesh Arora, Dinesh Shah We outline possible system architectures for an online retail central bank digital currency (CBDC) and identify one well-suited for basic payments. We analyze OpenCBDC 2PC, a representative system, finding such designs to be feasible, although some areas require further investigation. Our framing highlights other promising architectures for a retail CBDC. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, E5, E51, O, O3 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
June 17, 2025 About the Bank of Canada’s balance sheet At the Bank of Canada, our balance sheet reflects the unique role we play as Canada’s central bank. Get an overview of how it’s used to acquire assets and support our core functions, and learn about the types of assets and liabilities we hold. Content Type(s): Background materials
June 17, 2025 Understanding our policy interest rate At the heart of the Bank of Canada’s monetary policy is the target for the overnight rate. See what it is—and what it means for you. Content Type(s): Explainers Subject(s): Monetary policy, Economy/Economic growth, Inflation targeting framework
June 13, 2025 Quarterly Financial Report - First Quarter 2025 Quarterly Financial Report - First Quarter 2025 - For the period ended March 31, 2025 Content Type(s): Publications, Quarterly Financial Report
June 13, 2025 Governor's foreword The last few years have been tough for Canadians and challenging for the Bank of Canada. But as 2024 ends, our economy is in much better shape. We didn’t get everything right. And households and businesses suffered under the burden of elevated inflation and higher interest rates. But it’s worth heralding 2024 as the year we returned inflation to target.
June 13, 2025 Annual Report 2024 The Annual Report outlines the Bank’s activities and achievements in 2024. It includes the financial statements and a message from Governor Tiff Macklem. Content Type(s): Publications, Annual Report