• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
canada says cash over crypto

Bank of Canada Governor Still Backs Cash Over Crypto

Emilio Janus
by Emilio Janus
5 years ago
·
Posted in News, Altcoins, Bitcoin, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

During the presentation, given to The Empire Club of Canada, Governor of the Bank of Canada, Stephen S. Poloz laid out some interesting reasons why he believes cash is better than crypto.


Modernising Canada’s Ageing Payments Systems

Poloz spoke about the role of technology in affecting how Canadians made payments.

He suggested that the majority of work in renewing the 20-year-old wholesale payment system should be completed in 2020.

In addition, he claimed that in roughly 2-3 years, consumers would be able to execute transactions between themselves in real-time. This was, he explained a major advance over lags in the current system.

Although of course, these advances lag some way behind current crypto currency technology. But Poloz’s financial favorite is a far less technical instrument.

Now these prospects have the bank thinking hard about the future of… money. Especially cash, which is really my favourite.

In Canada, It Seems Cash Is Still King

A decade ago, half of all payments in Canada were made in cash. Ten years later this has only dropped to around a third, which is still a very large proportion compared to similarly developed nations. Poloz explained that card and mobile payments were becoming more common and that “Certain businesses have begun to accept only electronic payments.” However:

I believe that central bank money, the banknotes you have in your pocket, will always provide an important public good. It’s an individual’s sovereign right to make payments with an instrument which is universally accepted and final.

Universally accepted, except at those businesses he previously noted, which only accept electronic payments, that is.

He went on to say that private digital currencies cannot deliver that, no matter how innovative or widespread their use becomes.

Again, one assumes, unless that use becomes so widespread that it is universally accepted.

The other nice thing about cash is that it will still work even during power blackouts or cyber attacks. As a consequence, banknotes will probably always be around to some degree, if only as a contingency for unusual events.

You heard it here first folks. The Governor of The Bank of Canada suggests keeping a stash of cash under your mattress in case there is a power cut.

Canada Isn’t Planning On Jumping Onto The Crypto Bandwagon Then?

Actually, the possibility of Canada launching a Central Bank issued crypto was left open. Poloz suggested that, to his mind, the need to issue such a digital cash substitute was an open question.

However, he did concede that “the world of money is evolving very rapidly, so we need to develop plans to deal with whatever contingency does arise.”

Poloz hinted that the Central Bank would have a lot more to announce on this front in early 2020.

As Bitcoinist reported, in October local media platform, The Logic, uncovered an internal Bank of Canada presentation, selling the idea of central bank crypto to decision-makers like Poloz.

He also acknowledged the need to think about other emerging payment technologies such as bitcoin and Libra. As “potentially” global instruments these were attracting regulator and central bank attention. “Such innovations bring innovations,” Poloz dead-panned, “but they also bring new risks to the financial system.”

He finally noted that the bank is interested in these technologies in the area of cross-border payments, before moving on to other topics.

What do you think about the Canadian central bank’s stance towards crypto? Share your thoughts with us below! 


Image via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Follow

Full Profile

Related Posts

Nvidia

Nvidia впервые достигла капитализации $5 трлн на фоне роста спроса на ИИ

12 hours ago
Maxi Doge

Maxi Doge มาแรง! นักวิเคราะห์ชี้อาจแซง XRP และ Dogecoin

13 hours ago
spaceX

Third Time’s A Charm? SpaceX Moves 281 Bitcoin Amid Bearish Market

14 hours ago
Francúzsko Bitcoin národná rezerva 2 % BTC

Francúzsko chce nakúpiť 2 % celkovej ponuky Bitcoinov do národnej kryptomenovej rezervy

18 hours ago
Bitcoin price

Bitcoin Price To Recover? Here Are Some Developments You Should Be Aware Of

19 hours ago
Bitcoin Hyper

Докато Биткойн се търгува на $113K, Bitcoin Hyper събира над $25.2M, за да реши основните му проблеми

19 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Is Staking Crypto Worth It? XRP Tundra Presale Offers 12% APY

    Is Staking Crypto Worth It? XRP Tundra Presale Offers 12%...

    18 hours ago
  • Crypto Predictions Favor Tundra as XRP Ecosystem Catalyst

    Crypto Predictions Favor Tundra as XRP Ecosystem Catalyst

    19 hours ago
  • Bitcoin Hyper

    Докато Биткойн се търгува на $113K...

    20 hours ago
  • weex-welcome-promo-800-usdt-tested-for-beginners-tw

    新手別錯過:測試了WEEX迎新活動 領到800...

    20 hours ago
  • Deleion Capital Launches Mobile App for Passive Crypto Earning for Diversified & Profitable Investments

    Deleion Capital Launches Mobile App for Passive Crypto...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.