Canada Halts Digital Currency Project After Five Years of Research

According to BlockBeats, on September 19, Decrypt reported that the Bank of Canada has officially shelved its central bank digital currency (CBDC) project, known as the 'digital Canadian dollar,' ending nearly five years of research. The Bank of Canada began public research on CBDCs in 2019 and conducted public consultations in 2022. In early 2024, the Bank of Canada released a research report indicating that as the use of cash continues to decline, the introduction of a CBDC could help Canada maintain monetary sovereignty and financial stability.