a statement a report New issued by the Financial Post, that the Central Bank of Canada has begun studying the possibility of issuing a digital currency for the country.

The presentation was made to the Governor of the Bank of Canada as well as to the Board of Directors of the Central Bank. It was presented as a two-year research project that discusses whether or not Canada should issue its own digital currency.

According to the presentation, the digital currency will offer all the basic characteristics of local currencies in addition to its ease of use in electronic and digital payments.

Read:Bitcoin (BTC) is on the verge of a major downturn according to forecasts by some analysts

The presentation focused on the importance of innovation for the country to maintain its position as well as the fact that “cryptocurrencies may pose a direct threat to the implementation of monetary policy in Canada.”

The presentation also noted that digital currency has the added advantage of being able to assist authorities in collecting more data and information that can be shared with tax authorities or security authorities when necessary.

Read:Technical Analysis: A Look at Bitcoin’s Support and Resistance and a Head and Shoulders Pattern

It is worth noting that a number of countries around the world have started working on launching their own digital currency, such as China, North Korea and other countries.

• A start-up in Zimbabwe intends to launch a digital currency to tackle inflation in the country