# Central banks should be ready with CBDCs, says Bank of Canada exec
“# Central banks should be ready with CBDCs, says Bank of Canada exec ”
Lane spoke at an online panel discussion hosted by the Central Bank Payments Conference, stating that the Bank of Canada has been developing a central bank digital currency, or CBDC, at “a good pace.” He said the bank would need to hold consultations regarding what Canadians expected from a digital currency, but added Facebook’s efforts introducing Libra could help improve cross-border payments. He additionally noted that it could help unbanked and underbanked people become part of the global economy.
The deputy governor’s comments are a change from those in pre-pandemic February, when he declared that there was “not a compelling case” for the bank to create a CBDC.
Canada’s central bank recently released a report calling CBDCs “risky,” given the competition among crypto exchanges and banks, and how the digital currency is used for transactions.
This story is developing and will be updated.
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