Bank of Canada urges countries to coordinate CBDC development approaches

Tiff Macklem, the governor of the Bank of Canada, says that in developing central bank digital currencies (CBDCs) countries should adhere to a coordinated approach. Reuters reports.

In his view, a coordinated position would help avoid surprises and risks associated with the use of digital currency by criminals. Canada is discussing plans to create a CBDC with partners in the G7.

“If it exists in another country and we do not have it, that would create some problems,” says Macklem.

Although the Bank of Canada is working on a CBDC project, the governor does not see a need to rush the launch of the asset.

Earlier the regulator released a report urging other countries to assess the implications of launching digital currencies.

The Bank of Canada was among the first central banks to begin researching and developing CBDCs. In June, experts said that privacy protocols should be improved for deployment in digital currencies.

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