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Cake day: July 5th, 2023

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  • The Big Six will do anything in their power to keep themselves out of this scheme. I recall years ago when I worked at one of them, the first initiatives for CBDC were starting. The people involved told me the direction from above was that no system that doesn’t invovle the bank should be considered. Their goal was to propose a bank-involving system to the gov’t in order to ensure the bank is a necessary part of it. The whole promise of CBDC was (still is) that it allows payment transactions and “chequing accounts” that don’t require private bank accounts and therefore bank fees.

    It’s nice to see that Payments Canada is moving. I’m guessing credit unions would also jump on it.