Is making a national digital currency a must? CBDC is leading

Is making a national digital currency a must? CBDC is leading

  • 21 October 2020
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The Bank of Canada (BOC) is on a huge move. They are looking to hire people to monitor and research developments in national digital currency.

Recently, BOC is going to employ an economist. Therefore, they must have sufficient knowledge in the field of Fintech and cryptocurrencies. The recent move by BOC is the beginning of the country’s efforts to provide national digital currency.

Based on the official announcement of the Central Bank, the person will be responsible for the following tasks:

  • reviewing, monitoring, and analyzing the latest developments in the field of electronic capital and payments,
  • preparing related research projects,
  • Analyzing information,
  • Working on the “potential development of the national digital currency.

Below are some of the needs set by the Bank of Canada for this job title:

  • In-depth knowledge of Bitcoin, Ethereum, and other cryptocurrency platforms,
  • Experience with traditional payment systems,
  • Knowing the bank card acceptance systems,
  • Terminal-related knowledge about card systems.

The applicant must also have experience in analyzing and working with blockchain data and surveys.

Why the BOC introduced national digital currency?

Central BOC Deputy Governor Timothy Lane recently asked all central banks around the world to launch their national digital currencies. He notices the impact of Covid-19 on the global economy and the necessity of digital banking.

He also told the Central Bank Payments Conference that the development of CBDC was proceeding at an acceptable pace.

In creating the foundation for the CBDC, the BOC joined the Bank of England, the Federal Reserve, the Bank of Japan, etc. Thus, besides the BOC, central banks of other countries have also started their projects.  Such countries are Japan, the UK, and the United States have begun research into the national digital currency.

What was the origin of the CBDC?

Attention in CBDC has grown in recent years. The Payments and Market Infrastructure Committee have recently augmented work on CBDCs. CBDCs are currencies that are made by central banks with the backing of fiat currencies. Researchers have analyzed the possible outcomes of such a system. They saw payment systems, monetary handling, and transfer, as well as the structure and consistency of the financial rules. CBDC is going to be a new form of a digital central bank.

The working group will work with seven members. They are the Bank of Sweden, Canada, Switzerland, the UK, Japan, and the European Central Bank. Based on a statement of this group, each of them will be responsible for certain things. They contain the economic, operational, and technical design of such currencies. As a result, the activities of this group also include conducting overseas transactions.

Above all, the answer to the article’s question will be a definite yes. It is clear that using crypto will become a vital need for the next version of the economy.

2 responses to “Is making a national digital currency a must? CBDC is leading”

  1. Herve Fodouop says:


  2. Yanga Jili says:

    Amazing article and interesting

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