In a panel discussion on the future of money Wednesday, deputy governor Timothy Lane said the pandemic was speeding up Canadians’ use of e-commerce and electronic financial transactions. (Reuters)
Talking point: In February, Lane told The Logic the bank didn’t see an immediate need for a digital currency. On Wednesday, he said the shift to online during the pandemic meant the bank needed to step up its timeline, too. “This is all looking a lot more urgent because of the speed with which technology is evolving,” said Lane. His comments come one day after G7 finance ministers announced that no global stablecoin should be permitted without regulation. Canada is not the only country to step up its digital-currency efforts in light of the pandemic. Japan and the European Central Bank are both accelerating their efforts. In terms of next steps for Canada, Lane said the Bank of Canada would need to consult banks, financial institutions and tech firms on a potential coin.