Report: Canada Exploring Digital Currency to Track People’s Spending Habits

“The central bank purportedly believes that a public central bank digital currency (CBDC) could be the answer to the direct threat that cryptocurrencies apparently present” writes Joeri Cant for The Canadian central bank is reportedly considering launching a proprietary digital currency.On Oct. 16, news outlet The Logic reported that the Bank of Canada is exploring the possible opportunities and challenges related to launching its own digital currency.These personal details wouldn’t be shared with the payee, but could be shared with police or tax authorities, the document reads.The author of the document, Stephen Murchison, wrote at the time: According to the document, one of the benefits to the Canadian central bank of launching its own digital currency would be the ability to collect more information on its citizens than is possible when people use cash.

Related posts