Express
Leader At The Bank Of Canada Says Banks Need To Be Ready With An Alternative If They Block Facebook's Libra Coin
Summary: The Bank of Canada Deputy Governor Timothy Lane said central banks should have their own digital currency in the works if they choose to block Facebook's Libra coin, as reported by local outlet The Canadian Press. Lane stated that Libra could help marginalized communities break into the global economy and improve cross-border payments. He went ...
The Bank of Canada Deputy Governor Timothy Lane said central banks should have their own digital currency in the works if they choose to block Facebook's Libra coin, as reported by local outlet The Canadian Press.
Lane stated that Libra could help marginalized communities break into the global economy and improve cross-border payments. He went on to say that the question is between a digital currency produced by Facebook or by central banks.
He went on to say that the Bank of Canada is developing its own digital currency at a good pace. While the Bank of Canada is developing a CBDC, Lane added that there is no compelling case for its immediate issuance but that bank's should be ready regardless.
By Emily Mason
Tags: bank of canada,CENTRAL BANK DIGITAL CURRENCIES,Facebook,Libra
Link: Leader At The Bank Of Canada Says Banks Need To Be Ready With An Alternative If They Block Facebook's Libra Coin [Copy]
