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April 9, 2019

April 9, 2019 — Central banks around the world are now giving serious consideration to the pros and cons of making central bank digital currencies available to the general public, says a new study from the C.D. Howe Institute.

In “Central Banks and the Future of Money,” former Deputy Governor of the Bank of Canada John Murray notes this could take the form of a deposit, similar to those that people hold at commercial banks, or a digital token, exchanged using distributed ledger technology and functioning in the economy much like banknotes do today.

“While they debate the issues at stake, central bankers need to understand that maintaining the status quo is unlikely to be a practicable option, given the shifting financial landscape,” says Murray. “Some countries and central banks have moved beyond talking and have taken active steps to push the initiative further."

John Murray

John Murray held a number of senior positions during his 34-year career at the Bank of Canada, and served as a Deputy Governor from 2008 until his retirement from the Bank in 2014. He holds a BComm from Queen’s University, and an MA and PhD in Economics from Princeton University.