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A digital currency would act like cash and streamline transactions by avoiding a need to use a payment card for online purchases.
Lane has previously said that the Bank of Canada could launch a CBDC if a private cryptocurrency were to make serious inroads, creating privacy concerns.
Global central banks are putting together rules and working on their own digital currencies to address the prospect of private cryptocurrencies, like Facebook Inc’s planned Libra stablecoin.
Lane told the panel that a number of stakeholders need to be consulted on issuing a CBDC, including banks and financial institutions, along with technology companies.
“Certainly we’re talking to a number of companies that have products that they are developing or also are advising in these things,” he said.
On Tuesday, financial leaders of the world’s seven biggest economies said no stablecoin operation should start until it is properly regulated.
© Thomson Reuters 2020
