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Canada is considering creating a national digital currency

Canada is considering creating a national digital currency

While cryptocurrency is growing in popularity but still volatile, the Bank of Canada is currently consulting with citizens to get their opinions on the possibility of creating a digital version of Canada’s currency.

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In an interview with TVA Nouvelles, Philip R. Bertrand, President of Amplio Strategies, explained that the difference between a virtual national currency and a virtual cryptocurrency lies in the fact that the latter does not have a fiat equivalent.

You can go to a bank and withdraw this money […] You cannot withdraw bitcoin. Yes, you can sell it, but at some point you will have to withdraw it in dollars from another country, ”says the expert.

The latter sees the government’s current thinking as clever.

If Canada goes ahead with this idea, it will be the end of physical tickets. Mr. Bertrand believes that this will be the first of its kind in the world.

There is no central bank, as far as I know […]that launched its digital currency.

The head of Amplio Strategies believes that the national cryptocurrency can be beneficial to Canadian consumers.

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However, the expert believes that Canada should consider creating a Canadian exchange platform if the country obtains a virtual national currency.

“At the moment what is very dangerous for consumers are the exchanges. Unfortunately, there are many who have gone bankrupt, ”recalls Mr. Bertrand.

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However, despite the Canadian platform, the potential Canadian cryptocurrency will not be without risk, says the head of Amplio Strategies.

“Certainly in the digital realm, there is always a risk of fraud, like if you use your phone to pay at retailers, it could be intercepted as a signal. You have to be careful, but I would be more confident as a consumer if it was run by the government,” she said.

To watch the full interview, watch the video above.