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…