In an era where several world governments are beginning to look at ways of integrating innovative solutions to meet emerging challenges, the central Bank of Canada is planning to deploy its national digital currency. This new position was recently revealed through a job post by the Central Bank, requesting applications for the position of a Project Manager, CBDC.
According to the job post, the Bank is taking on this project in response to the need to provide an innovative payment solution that addresses the management of physical cash and digital currencies. To achieve this, the BankBank intends to design a framework that will make the CBDC accessible for all kinds of transactions, with properties that are similar to digital cash.
Further details from the job post also indicated that the CBDC would be designed to accommodate the privacy features of digital currencies while considering AML procedural guidelines. The CBDC will also be universally available, like the Canadian dollars. However, it is unclear at this moment how the Bank of Canada intends to manage two forms of money reserves.
So it appears from the look of things, that Canada is taking a different approach to deploying a CBDC from China. The Chinese CBDC will account for 20% of circulating currencies and would be used mostly for cross border transactions. At the same time, Canada's CBDC will have the properties of cash, but in a digital form, and can be used by anybody, irrespective of documentation status to settle transactions.
The Bank has not yet stated a definite timeline as to when they would be launching the CBDC, as other details contained in the job post are a bit sketchy.
Source: Coindesk
