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According to a news report from the Canadian Broadcasting Corporation on September 18, after deeply studying the potential of digital currency, the Bank of Canada chose to suspend the CBDC project that began in 2017 and turn to in-depth research.
This decision reflects Canada's cautious attitude towards current financial stability, while also retaining flexibility for possible market changes in the future. As central banks around the world continue to explore CBDCs, the global financial system may usher in new changes.
Bank of Canada puts digital currency project on hold
In a 2022 public consultation, the Bank of Canada collected feedback on the possible use cases of the digital Canadian dollar, its security features, and the public's accessibility and privacy concerns about digital currencies, and ultimately decided to suspend its CBDC project in 2024.