At a time when cryptocurrency is gaining popularity but still volatile, the Bank of Canada is currently consulting citizens to get their views on creating a digital version of Canada’s currency.
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In an interview with TVA Nouvelles, Philippe R. Bertrand, president of Amplio Strategies, said the difference between a virtual national currency and a virtual cryptocurrency is that the latter has no paper equivalent.
“You can go to the bank and withdraw this money […] You cannot withdraw Bitcoin. Yes, you can sell it, but at some point you have to withdraw it in dollars from another country,” said the expert.
The latter finds the current thinking of the government wise.
If Canada goes ahead with such an idea, it will be the end of physical tickets. Mr Bertrand believes this is a world first.
“As far as I know there is no central bank […]It launched its digital currency”, he stated.
The president of Amplio Strategies believes that a national cryptocurrency will be beneficial for Canadian consumers.
“Think of the people who lost money in the bankruptcy of many currency exchange platforms, certainly with a government-sanctioned currency.[…]Bertrand.[̧c’estquelquechosequineseseraitpaspassé»affirmePhilippeRBertrand[̧c’estquelquechosequineseseraitpaspassé»affirmePhilippeRBertrand
But the expert believes Canada should consider creating a Canadian exchange platform if the country gets a virtual national currency.
“Currently, the most dangerous for consumers are the exchanges. Unfortunately, there are many bankruptcies”, stated Mr. Bertrand.
However, despite having a unique platform for Canada, the president of Amplio Strategies noted that Canadian cryptocurrency is not without risk.
“In digital, there is certainly always the risk of fraud, in the same way that if you use your telephone to pay at retailers, it could be intercepted as a signal. You have to be careful, but I would be more confident as a consumer if it is managed by the government,” he concluded.
To watch the full interview, watch the video above.