Technology is having an indelible impact on the way we pay.
Against the backdrop of a decline in cash usage, digital payments such as debit, credit and prepaid cards are in most Canadian’s wallets, while mobile payments solutions like Apple Pay, Google Pay, PayPal and Interac e-transfer can be made with a swipe of a finger. Cryptocurrencies such as Bitcoin, Ethereum and Ripple are gaining favour and are being touted by celebrities such as Snoop Dogg, Bill Gates and Mike Tyson. Further into the future, Facebook is proposing to launch a stablecoin called Libra that consumers can access on their Messenger app.
These developments have forced central banks around the world to examine their role in the creation and distribution of money. The Bank of Canada has undertaken research, worked on a number of projects and collaborated with global regulators to better understand the issue of central bank digital currencies (CBDC).
To help address considerations and potential for a CBDC in Canada, TABE is pleased to host Francisco Rivadeneyra (Director, CBDC and FinTech Policy at the Bank of Canada). He will be addressing:
- What are digital currencies? A taxonomy of electronic money
- Motivations for a Central Bank Digital Currency (CBDC)
- Potential implications of CBDC: for payments platforms, commercial bank deposits, and cross-border