Wednesday, June 7, 2023
The Optic News
Advertisement
  • Home
  • Local
  • World
  • National
  • Politics
  • Finance
  • Sports
  • Science
  • Classifieds
  • Social
No Result
View All Result
  • Home
  • Local
  • World
  • National
  • Politics
  • Finance
  • Sports
  • Science
  • Classifieds
  • Social
No Result
View All Result
The Optic News
No Result
View All Result
Home News Finance

Canadian dollar to stay at core of financial system, not crypto -BoC By Reuters

April 25, 2022
in Finance
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter


2/2
Canadian dollar to stay at core of financial system, not crypto -BoC
© Reuters. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie

2/2

By Julie Gordon

OTTAWA (Reuters) – The Canadian dollar will remain at the center of the country’s financial system, the central bank chief said on Monday, responding to questions about a Conservative leadership candidate’s pledge to make the country the blockchain capital of the world.

“There are promising benefits from innovation in the financial sector. Having said that, we certainly expect the Canadian dollar will remain at the center of the Canadian financial system,” Bank of Canada Governor Tiff Macklem said in testimony before a committee of the House of Commons.

The Bank of Canada is currently working on its own central bank digital currency, a so-called digital , that could be launched if a private digital tender were to take off as a payment system.

Pierre Poilievre, a leading candidate for the leadership of the opposition Conservative Party, has said if elected he would back a “new, decentralized, bottom-up economy and allow people to take control of their money from bankers and politicians.”

He has posted videos of himself buying lunch with to make a point about its usability and regularly touts cryptocurrencies as a means for Canadians to “opt-out of inflation.”

Poilievre is leading in all polls ahead of a September vote to pick a new Conservative leader. Last month, Poilievre was favored by 25% of Conservatives polled by the Angus Reid Institute, compared with 20% for Jean Charest, his closest contender.

The Bank of Canada has previously said cryptocurrencies like Bitcoin are speculative investments that “do not have a plausible claim to become the money of the future.”

The central bank has moved into the development stage on its digital currency, Senior Deputy Governor Carolyn Rogers (NYSE:) told lawmakers on Monday, though the decision on whether that goes ahead or not is up to government.

“We view our job as to be ready, to have done the work ahead of time, so that if we decide that a central bank digital currency is something that would benefit Canadians, that we’re ready to provide it,” she said.

Poilievre has made quashing soaring inflation one of is top campaign issues, and he has criticized both Liberal Prime Minister Justin Trudeau’s government and the central bank for letting it get out of hand.

Inflation in Canada hit a 31-year high at 6.7% in March, as countries around the world are grappling with booming demand and global supply chains bottlenecks. Russia’s invasion of Ukraine has hit commodity prices, further pushing up prices.

Bitcoin, for its part, hit a record high above $68,000 in late 2021, before more than halving in January. It is now trading close to $40,000.



Source link

Tags: BoCCanadianCoreCryptodollarFinancialReutersstaysystem
Share30Tweet19
Previous Post

Janelle Monáe confirms, ‘I’m nonbinary’ – CBS Atlanta

Next Post

Twitter Board Agrees to $44 Billion Sale to Elon Musk

Recommended For You

Senegal, one of Africa’s bastions of stability, faces its gravest threat of unrest in decades

by The Optic News
June 7, 2023
0

DAKAR, Senegal - June 2, 2023: Supporters of jailed opposition leader Ousmane Sonko protest in the Senegalese capital following his two-year sentencing for "corrupting the youth."Annika Hammerschlag/Anadolu Agency...

Read more

Zhao-controlled Binance trading firms at heart of SEC lawsuit By Reuters

by The Optic News
June 7, 2023
0

© Reuters. FILE PHOTO: Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition...

Read more

Alibaba: Why Does Smart Money Buy/Hold At ~$100? (NYSE:BABA)

by The Optic News
June 6, 2023
0

ZargonDesign/E+ via Getty Images Investment thesis Recently, several high-profile investors have been buying shares of Alibaba Group Holding Limited (NYSE:BABA). As shown in the chart below, these investors...

Read more

BSE Revises Price Band Of Four Adani Companies

by The Optic News
June 6, 2023
0

Adani Group's operating profit rose 36% year-on-year in fiscal 2023, the highest ever at the group portfolio, aided by cash flow generation in core infrastructure businesses.On a year-on-year...

Read more

General Electric plans sale of more than $2B stake in GE HealthCare (NYSE:GE)

by The Optic News
June 6, 2023
0

peakSTOCK/iStock via Getty Images General Electric (NYSE:GE) is offering 25 million shares of common stock in GE HealthCare Technologies (GEHC) valued at $2 billion, the maker of medical equipment said...

Read more
Next Post

Twitter Board Agrees to $44 Billion Sale to Elon Musk

Biden Adviser Cedric Richmond Is Leaving the White House

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hydrate

The Optic News

Copyright © 2022 - The Optic News.
The Optic News is not responsible for the content of external sites.

Navigate Site

  • Home
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal

Follow Us

No Result
View All Result
  • Home
  • Local
  • World
  • National
  • Politics
  • Finance
  • Sports
  • Science
  • Classifieds
  • Social

Copyright © 2022 - The Optic News.
The Optic News is not responsible for the content of external sites.