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Canadian Authorities Could Release a CBDC Due to Bitcoin and Crypto Expansion

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phisycal bitcoins stacked above canada flag Bitcoin in canada

With the expansion of cryptocurrencies and digital assets, there are countries that are evaluating the possibility of issuing central bank digital currencies, also known as CBDCs. One of the countries that seems to be seriously considering the development of a CBDC is Canada.

According to a job posting from the Bank of Canada, they are searching for a project manager that will be in charge of designing a CBDC program within the institution. The goal is to “embark” on a project to design a contingent system for a central bank digital currency. This is part of the continuous expansion of Bitcoin and digital assets in the country.

Central Bank Digital Currency for Canada

The Central Bank of Canada is currently working a CBDC Project Manager that will be in charge of designing a digital currency project for the country. As per the job posting, the new project will take into consideration a wide range of factors such as policy considerations, the needs of the stakeholders involved in the economy and the technical challenges that could arise.

The Bank of Canada is also considering releasing this digital asset but focusing on privacy. That means that despite the fact they will not be aiming at cash-like anonymity, they want to make the CBDC highly private and meet the obligations to be compliant with anti-money laundering.

In the official job posting, the Bank of Canada said about the ideal candidate and his responsibilities if selected:

“Reporting to the Director, Fintech Research in IT Services, you coordinate the activities across a growing team spanning economics, policy, IT and communications. You manage the overall scope, cost, schedule and contractual deliverables, which includes applying project management methodologies for planning, tracking, change control and risk management.”

Bitcoin Expansion in Canada

Bitcoin has been expanding all over the world and not only in Canada. The abovementioned project shows how local authorities are analyzing the entire crypto market and making decisions accordingly.

Bitcoin can certainly be used to perform payments, speculate in the markets, purchase goods and services and even for Bitcoin betting and gambling. Other virtual currencies have also been growing, including Ethereum (ETH), XRP and Litecoin (LTC).

There are also several firms operating in the cryptocurrency market and that are certainly following the events that are taking place in the digital asset industry as a whole.

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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