The Bank of Canada is researching a digital version of cash. Here’s what that could mean for you

News Snapshot:

A CBDC could be stored on a phone app or card, and can be used for online or cashless payments without the help of a private bank. For the last few years, the Bank of Canada has been working on the logistics of a potential Central Bank Digital Currency: a purely digital form of the Canadian dollar. While the choice about whether to launch a CBDC rests with the federal government, the central bank has said it wants to be prepared for the possibility — especially as Canadians increasingly use digital methods of payment in their daily lives. Here’s how...