Bank of Canada exploring digital currency that would replace cash, track how people spend money

The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned. An internal Bank of Canada presentation, prepared for Governor Stephen Poloz and the bank’s board of directors, offers the most detailed public insight yet into the bank’s thinking on a proprietary digital coin. According to the presentation, the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.-- More...

I’ve written about how the central bank keeps debasing our currency.

Now it’s exploring a digital currency to replace cash and allow the government to spy on us.

No need for conspiracy theories anymore. It’s being planned openly.https://t.co/wMu1rBfeht

— Maxime Bernier (@MaximeBernier) October 15, 2019