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Competition and Innovation Favor CBDCs, Says Bank of Canada

·1 min read

BeInCrypto –

The Bank of Canada (BoC) has addressed arguments for a central bank digital currency (CBDC) in a discussion paper.

In its discussion paper, the BoC said that a CBDC could be an effective competition policy tool for payments. It argues that a CBDC is “probably necessary” to support the development of the digital economy. It could potentially help solve market failures, while fostering competition and innovation in new digital payments markets. 

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