Governor of the Bank of Canada Tiff Macklem speaks during a videoconference event with the Council on Foreign Relations at the Bank of Canada in Ottawa on Oct. 7, 2021. (The Canadian Press/Justin Tang) The Bank of Canada is hiring a product architect as it continues to move forward with its “contingency plan” for a central bank digital currency (CBDC), leading some to speculate about the potential consequences.

A digital currency is a hot topic south of the border, as the U.S. public awaits the imminent release of a Federal Reserve paper on its own CBDC. While the idea may be new to Americans, the Bank of Canada has been issuing reports on the concept since November 2016.

A year ago, the bank co-authored a report with six other central banks and the Bank of International Settlements to establish foundational principles and core features of a CBDC. In February 2021, the bank published three CBDC proposals: one from the University of Calgary, another from McGill University, and a joint University of Toronto and York University submission.

In an email to The Epoch Times, Bank of Canada spokesman Alex Paterson said the proposals were made to stimulate thought.

“[T]he proposed designs are not intended […]


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