As per Tuesday, Oct 15th report, Bank of Canada plans to launch its own Digital Currency. With this digital currency, Canadian Government aims to replace fiat currency. The report further explains that the coin will be globally available. It will initially coexist with paper money and other coins and will then replace them completely. The digital transaction will help the government to keep track of money spending.
Governor Stephen Poloz introduced this proposal in a presentation titled “Central Bank Money: The Next Generation” to The Logic. Canada is not alone, even China and Bhutan have introduced their digital currency earlier.