by Martin Armstrong
September 25, 2024
Over 130 nations are attempting to create a digital currency as we move toward a cashless society. I recently explained how Australia is prioritizing a wholesale CBDC with a retail one to follow. The Bank of Canada recently shelved plans to create a digital Loonie, but rest assured this is a mere pause as the world will move to digitalization.
“The Bank has undertaken significant research towards understanding the implications of a retail central bank digital currency, including exploring the implications of a digital dollar on the economy and financial system, and the technological approaches to providing a digital form of public money that is secure and accessible,” the bank said in an email statement. The fact of the matter is that Canada simply could not determine how to execute a digital Loonie properly. The bank will now focus on “evolving” its payment system.
One aspect most nations are facing is that it would be easier, seamless even, if every developed nation agreed to go digital. But, more on that later.
Read More HERE
