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According to the 2021 Retail Payment Activities Act, the Central Bank of Canada will strengthen its supervision of retail payments, planning to register 2,500 small payment service providers starting in November and implement operational risk standards by 2025.
The Central Bank of Canada has partnered with the bank for international settlements and the Media Lab at the Massachusetts Institute of Technology to conduct research on Digital Money, and found that the public has little interest in CBDC and pointed out the potential new flaws it may bring.
Despite the changing priorities, Central Bank has indicated that its CBDC research may still have significant value in the future.
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