2023-05-14 01:22:42
At a time when cryptocurrency is growing in popularity but still volatile, the Bank of Canada is currently consulting with citizens to get their views on the possible creation of a digital version of Canada’s currency.
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In an interview with TVA Nouvelles, the president of Amplio Strategies, Philippe R. Bertrand, explained that the difference between a virtual national currency and a virtual cryptocurrency lies in the fact that the latter does not have a paper equivalent.
“You can go to a bank and withdraw this money […] You cannot withdraw a bitcoin. Yes, you can sell it, but at some point you will have to withdraw it in dollars from another country,” says the expert.
The latter finds the current thinking of the government intelligent.
If Canada went ahead with such an idea, it would be the end of physical tickets. This would be a world first, believes Mr. Bertrand.
“There is no central bank, to my knowledge […]which launched its digital currency”, he mentions.
The president of Amplio Strategies believes that a national cryptocurrency might be beneficial for Canadian consumers.
“Think of the people who lost their money in the bankruptcies of several money exchange platforms, for sure with a currency that is endorsed by a government[̧itissomethingthatdoesnotwouldnothavehappened”saysPhilippeRBertrand[̧c’estquelquechosequineseseraitpaspassé»affirmePhilippeRBertrand
The expert nevertheless believes that Canada should look into the creation of a Canadian exchange platform if the country acquires a virtual national currency.
“Right now, what is extremely dangerous for consumers are exchanges. Unfortunately, there are several that have gone bankrupt”, mentions Mr. Bertrand.
However, despite a platform specific to Canada, a possible Canadian cryptocurrency would not be without danger, claims the president of Amplio Strategies.
“It is certain that in digital, there is always a risk of fraud, in the same way as if you use your telephone to pay at retailers, it can be intercepted as a signal. You have to be careful, but I would be more confident as a consumer if it was managed by the government,” he concludes.
To see the full interview, watch the video above.
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