Bank of Canada: Bitcoin Won’t Replace Cash

October 19, 2017

Bank of Canada: Bitcoin Won’t Replace Cash

The Bank of Canada’s senior deputy governor, Carolyn Wilkins, thinks that digital currencies like Bitcoin are changing a financial system. However, she doesn’t believe it will replace cash.

In her speech at an Institute of International Finance meeting in Washington Carolyn said ‘Money that’s worth the name to be called money really does have to be a medium of exchange. Digital currencies that exist right now, are not capable to do it, Bitcoin are not, none of them are.’

However, she gas added that Bank of Canada has been considering the opportunity of creation its own cryptocurrency, this is in the early research phase.

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