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Bank Of Canada Releases Report Naming Risks Associated With Issuing A Central Bank Digital Currency
Summary: The Bank of Canada highlighted security risks that would come with issuing a central bank digital currency in a recently released report. The report stated that risks start to present themselves surrounding how a CBDC would be used for transactions and how crypto exchanges, e-wallets and banks would compete to attract users. The bank also ...
The Bank of Canada highlighted security risks that would come with issuing a central bank digital currency in a recently released report.
The report stated that risks start to present themselves surrounding how a CBDC would be used for transactions and how crypto exchanges, e-wallets and banks would compete to attract users. The bank also raised concerns about how balances would be aggregated and stored.
The Bank of Canada wrote that if a CBDC were to be issued it would likely be token-based. The report comes as various nations have begun experimenting with CBDCs, most notably China, but also including the European Central Bank which stated last month that the body was researching the possibility.
By Emily Mason
Tags: bank of canada,CBDC,Central Bank Digital Currency
Link: Bank Of Canada Releases Report Naming Risks Associated With Issuing A Central Bank Digital Currency [Copy]
