A team of roughly 15 people are developing the potential technology behind a digital loonie
For years, the bank has been developing contingency plans for a world in which value moves around much differently than it does today. Since the release of the bitcoin white paper in 2008, digital currencies issued by private firms or individuals have become worth trillions of dollars — posing a potential challenge to currencies issued by governments.
Their task is to consider how a digital loonie could fit into a vastly different monetary future and how such a technology might eventually be rolled out to millions of Canadians. The team working on the initiative includes staff with deep expertise in cryptography and security, as well as user-experience specialists and solution architects whose job is to unite the different pieces, Shah said.Article content
Recently, though, the bank’s research on CBDCs has accelerated. In October 2021, Lane said the effort had progressed from a research phase to a test phase, signalling its interest had moved beyond the purely theoretical. The bank could begin building test models for some of its designs as soon as next year, Shah said.
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