TechFlow reported on September 19, citing Decrypt, that the Bank of Canada has officially shelved its Central Bank Digital Currency (CBDC) project, known as the "digital loonie," ending nearly five years of research. The central bank began publicly studying the implications of a CBDC in 2019 and conducted public consultations in 2022. A research report released in early 2024 indicated that with continued decline in cash usage, launching a CBDC might help Canadians maintain monetary sovereignty and financial stability. Another report predicted that if implemented, the new CBDC could reduce the country's bank deposits by up to 12%.
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