“Now that more and more central banks around the world are assessing or even testing central bank digital currencies, Canada needs to ensure that it does not fall behind its international peers.”
Robert Fay writes about the race to develop digital currencies in the Toronto Star
While bitcoin and other cryptocurrencies have captured much of our attention, countries around the world are moving quickly to develop digital currencies operated by central banks as a way to ensure competitive and sound financial systems. CIGI’s experts, including Pierre L. Siklos, analyzed the opportunities in depth.
And, as Robert Fay and David Dodge wrote, Canada is no exception in trying to make digital currencies a reality. However, “if progress does not accelerate, this country will fall behind global competitors, and our institutions will be disconnected from the aspirations and ways of transacting that younger, tech-enabled generations now take as given.” Sep Pashang and Olaf Weber found another benefit: new financial technologies can be used to achieve sustainable development through environmental, social and governance investing while ensuring financial inclusion.