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Bank of Canada exploring digital currency that could share information with police, tax authorities

Stephen Poloz, Governor of the Bank of Canada, arrives to hold a press conference with Senior Deputy Governor Carolyn Wilkins at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. THE CANADIAN PRESS/Sean Kilpatrick
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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.

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