According to Odaily, the Bank of Canada has made significant progress in exploring the technical feasibility of a digital Canadian dollar. The institution has proposed a system specifically designed for retail central bank digital currency (CBDC), focusing on facilitating simple everyday transactions. The Canadian central bank team has examined the OpenCBDC 2PC model, developed in collaboration with the Massachusetts Institute of Technology's Digital Currency Initiative. This model prioritizes privacy, speed, and decentralization, allowing users to hold digital funds directly, akin to digital cash.

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