The Financial institution of Canada and the Massachusetts Institute of Know-how (MIT) at the moment introduced an settlement to collaborate on a twelve-month analysis challenge on Central Financial institution Digital Foreign money (CBDC). The Financial institution will work with the MIT Media Lab’s Digital Currency Initiative workforce to discover how superior applied sciences might have an effect on the potential design of a CBDC, constructing on the DCI’s ongoing analysis into CBDC. This exploration will assist inform the Financial institution of Canada’s analysis effort into CBDC.

The challenge types a part of the Financial institution’s wider analysis and improvement agenda on digital currencies and fintech. It should deal with exploring and experimenting with potential know-how approaches to find out how a CBDC might work. No resolution has been made on whether or not to introduce a CBDC in Canada.

The Financial institution of Canada will present an replace on the findings and outcomes on the finish of the challenge interval.