Deciding on a Digital Dollar: The Necessary Steps for Canada

June 14, 2022

A growing number of countries around the world are considering or implementing retail central bank digital currencies (CBDCs) that could be used by both consumers and businesses. Before Canada joins its peers in this endeavour, it can learn from their experiences. This conference report is based on an April 2022 workshop attended by Canadian and international experts. The discussion focused on the international backdrop and what can be learned from global leaders in CBDCs, to determine next steps for Canada and to assess the legal and regulatory changes required to support a Canadian CBDC.

About the Authors

Robert (Bob) Fay is a CIGI senior fellow and an expert in the field of digital economy research.

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 and 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 at 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. 

Keldon Bester is a CIGI fellow and the executive director of the Canadian Anti-Monopoly Project, a think tank dedicated to addressing the harms of monopoly and building a more democratic economy.