Central Bank of Canada and MIT develop digital currency

The Bank of Canada partnered with the Massachusetts Institute of Technology (MIT) on a Central Bank Digital Currency research project

The Central Bank of Canada announced a partnership with the Massachusetts Institute of Technology (MIT) to begin a central bank digital currency (CBDC) research and development project. The financial organization also seeks to analyze the benefits of implementing the asset in the Canadian financial system.

The financial entity announced that it plans to work with the MIT Media Labs as the impact of “advanced technologies could affect the potential design of a CBDC”. And he plans to test for 12 months.

The banking body warns that, despite the execution of this initiative, the Canadian government has not confirmed whether it will really include a CBDC in its country. However, he noted that he would provide a modification once the research project is complete.

Digital currencies gain ground in the international financial system

Crypto assets open up a whole new range of opportunities: quick and easy payments. Innovative financial services. Likewise, sovereign digital currencies are gaining prominence in the different systems of international financial organizations.

The director of the International Monetary Fund (IMF), Kristalina Georgieva, recently assured that “CBDCs are safer assets than cryptocurrencies such as Bitcoin (BTC), Ether (ETH) or the rest of the altcoins.”

The announcement by the Central Bank of Canada is made “just as the development of a digital dollar is starting in the United States“, which will be carried out through an executive order issued by President Joe Biden.

M. Rodríguez

Source: crypto247.com

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