“Bank of Canada Governor Tiff Macklem spoke yesterday about a potential Canadian central bank digital currency (CBDC). Next year the bank plans to consult the public on a potential CBDC. Particularly they want to find out what the public’s expectations of a digital currency and what features would be important to them. As part of the central bank’s R&D into digital currency, it is moving from the research phase into the development phase to be prepared if the need arises to issue a CBDC. However, the Governor made clear that a decision on whether to issue a CBDC is up to parliament….Meanwhile, the MIT Media Lab Digital Currency Initiative (DCI) is working with the Bank of Canada as part of its research work. The DCI is also working with the Federal Reserve Bank of Boston on Project Hamilton and the Bank of England.”

“The rise of cryptocurrencies has significantly threatened global governments worldwide, and Canada is no exception. As a measure to keep control, international governments are working on digitizing their respective currencies through Central Bank Digital Currency (CBDC). According to Canada’s Fall Economic Statement 2022, consultations with relevant stakeholders on CBDC have already begun. As such, market strategists forecast the country to launch a Canadian digital dollar in the near future.”

“Canadians may see a jump in businesses adding credit card surcharges as restrictions on the practice lift this week, though research from the Bank of Canada shows consumers have long been paying extra because of the payment option. A report Wednesday from the Canadian Federation of Independent Business found that 19 per cent of small businesses are considering an added charge for credit card transactions to offset processing fees, while 26 per cent of respondents said they will add a surcharge if their competitors or suppliers do.”

“Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading digital financial services provider for immigrants and their families, today announced the expansion of its relationship with Visa by making Visa Direct, Visa’s real-time push payments platform, available to Remitly customers in Canada.[1] According to the World Bank, more than $6.5 billion in personal remittances are sent annually from Canada. Now, Remitly customers in Canada will be able to send funds to eligible recipients in more than 100 countries around the world with a broader array of payout options that will now include Visa cards, in addition to the pre-existing bank account, digital wallet, and cash payout options.”

“Payments Canada has delayed the launch of the forthcoming Real-Time Rail (RTR) payment system, saying it needs more time to validate and test the system’s components and end-to-end integration. “We recognize that there will be impacts for the payment ecosystem in Canada,” said Tracey Black, the president and CEO of Payments Canada. It’s the second time Payments Canada has delayed the system’s launch. It first promised to deliver the RTR in 2022, and then rescheduled the launch to mid-2023. No revised timeline was given by Payments Canada as part of its most recent delay announcement. Black said that Payments Canada’s members, stakeholders, and the broader payment industry would need to be consulted first. “We are working closely with these groups to replan and confirm a revised launch date, which we will share publicly once confirmed,” said Black.”

“The National Standard of Canada for digital trust and digital identity fundamentals has reached a periodic review period, leading Canada’s CIO Strategy Council to seek public input. The proposed second edition of the ‘CAN/CIOSC 103-1, Digital Trust and Identity – Part 1: Fundamentals’ would further refine the characteristics and requirements for digital trust and identity, and expand its scope to include additional assurances for relationships between people and other people or organizations. New sections on leadership, planning and support have also been added to support adoption of the standard. The result is that the 40-page first edition has ballooned to 59. Thirteen subsections have been added to the chapter on processes, mostly relating to the relationships mentioned above.”

“In the days before the December holidays, the organization in charge of Canada’s national payments infrastructure made a disclosure that came as little surprise to the country’s fintech sector: the launch of a new national system that would let businesses process consumer payments instantly would once again be delayed. Payments Canada, a non-profit organization that reports to the government, started laying the groundwork for the project, called the Real-Time Rail, in 2015 as part of an ambitious effort to modernize Canada’s financial plumbing for the digital age. The tech industry in particular welcomed the initiative, which it believes will drive innovation by making it easier and cheaper for fintechs and other companies to develop new services for consumers.”