The Bank of Canada (BC) and the Massachusetts Institute of Technology (MIT) have announced a collaboration to explore the prospects for a digital Canadian dollar.
The project participants said that the BC will interact with the MIT Media Lab Digital Currency Initiative team to study international CBDC research practice and the impact of advanced technologies on the functionality of such tokens.
The MIT project has become part of a broader VS research and development program in the field of digital currencies and financial technologies. The final decision on the advisability of introducing a digital Canadian dollar into circulation has not yet been made, so the work of the project participants is aimed at the future and is focused on experimenting with technological solutions. Task: to determine how the digital currency of the Central Bank can work in relation to the Canadian economic model.
For MIT Media Lab, this is not the first partnership to participate in the creation of a digital currency with state banking structures. In February, MIT published a study on the results of cooperation with the Federal Reserve Bank of Boston.
Earlier, the President of the Central Reserve Bank of Peru (BCRP) said that the country was able to achieve serious success in studying the digital currencies of the Central Bank and is now working on a document describing the functionality of its own state digital currency.
Source: Bits
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