The Bank of Canada (BOC) is winding down its research and development work on retail central bank digital currencies, according to an update on its website on September 21. The announcement did not mention wholesale CBDCs, but emphasized that its research is still ongoing.
The Bank of Canada has conducted extensive research on CBDCs and is now shifting its focus from CBDC research to other more pressing issues. The Bank of Canada’s position on CBDCs is that it needs to have a “contingency plan” in place just in case. The current shift in focus comes as the bank prepares to take on new responsibilities.
The Bank of Canada said: "As other payments issues come to the fore, the Bank is scaling back its work on retail central bank digital currencies and shifting its focus to broader payments systems research and policy development."
