The decision of world governments to launch national digital currencies (CBDC) could threaten financial stability, representatives of the Bank of Canada write in their report.
In particular, it is noted that the introduction of cryptocurrencies by large banks implies clear regulation of the industry in order to avoid fraudulent activities with a new type of finance and their use for illegal purposes. In addition, analysts admit possible platform failures and problems with the storage of private keys by clients of credit institutions. All these issues should be reflected in the requirements for service providers, as well as the responsibility for possible unforeseen situations associated, for example, with the loss of funds through no fault of the client (as is now the case with fiat money), the researchers believe.
We add that the Bank of Canada was one of the first to start exploring the possibilities of introducing state cryptocurrencies, starting work in this direction back in 2016.
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