Canada and the Digitalization of Money: Key Takeaways from a Virtual Workshop of International and Canadian Experts

October 21, 2021

On August 25, 2021, the Centre for International Governance Innovation and Bennett Jones LLP hosted a virtual workshop with international and Canadian experts from the public and private sectors and from academia on the theme of Canada and the digitalization of money. The workshop aimed to take stock of international developments in digital payments and money; to review progress in Canada; and to develop advice for policy makers, regulators and market participants on how to advance digitalization with a view to serving the interests of the users of financial services, the soundness of the financial system and the competitiveness of the Canadian economy. This conference report shares key takeaways from the workshop that was held under the Chatham House Rule. It does not purport to represent a consensus among the participants, nor to convey the views of any individual or organization. Its goal is to stimulate discussion and to encourage action on what participants broadly agree must be a matter of immediate attention for Canada: the digitalization of money.

About the Authors

Robert (Bob) Fay is the managing director of digital economy at CIGI. The research under his direction assesses and provides policy recommendations for the complex global governance issues arising from digital technologies.

David Dodge is the former Governor of the Bank of Canada and Deputy Minister of Finance. He is Senior Advisor at Bennett Jones LLP, and chairs the National Council of the C.D. Howe Institute.

Serge Dupont is a Senior Advisor at Bennett Jones LLP, and a former senior executive in the Government of Canada (Deputy Clerk of the Privy Council, Deputy Minister of Natural Resources, Deputy Minister for Federal-Provincial Relations).

Mark Jewett is a CIGI Senior Fellow. He is Counsel to Bennett Jones LLP. He was previously Senior Assistant Deputy Minister at the Departments of Justice and Finance, and General Counsel and Corporate Secretary of the Bank of Canada.

John Murray is a former deputy governor of the Bank of Canada. As a member of the bank’s governing council, he shared responsibility for decisions on monetary policy, financial system stability and strategic direction.