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Bank of Canada Looking into Issuing Digital Currency

Posted November 14, 2014

Under Economic Issues

(Matthew King – CBC News)

The Bank of Canada is looking into possibly issuing its own digital currency like bitcoin, according to a senior official in the bank.

Carolyn Wilkins, the bank's senior deputy governor, made the revelation at Wilfrid Laurier University in Waterloo, Ont. on Thursday, though she cautioned the bank is keeping a close eye on the benefits and drawbacks of digital currency.

Wilkins says bitcoin and other digital currencies have a long way to go before they can truly circumvent central banks, since the daily number of transactions is still relatively low compared to debit and credit cards. Read more here.