Bank of Canada Shelves Retail CBDC Plans, Focusing on Payments & Regulation

In a shift in priorities, the Bank of Canada has announced it will not be pursuing a retail central bank digital currency (CBDC) at this time. The decision comes after the bank determined that focusing on streamlining payments and strengthening regulations in the existing financial system takes precedence. The Bank emphasizes that it will continue to explore the potential of CBDCs, but sees immediate value in improving existing payment systems and ensuring a robust regulatory framework for the burgeoning digital asset space.