MIT and Bank of Canada to collaborate on CBDC research project

The Massachusetts Institute of Technology (MIT) and the Bank of Canada have recently collaborated with each other in a 12-month project focusing on the design and development of a Central Bank Cryptocurrency (CBDC).

According to the announcement made on March 16, the MIT Media Labs’ Digital Currency Initiative (DCI) will work together with Canada’s central bank on the development and design of a central bank digital currency.

The Bank of Canada further mentioned that this project is a part of something bigger and broader, which is related to the development and application of digital currency and how it can affect fintech from a Canadian perspective. Right now, there are no possibilities of introducing a new central bank digital currency in Canada, but after the project has been completed, the government of Canada will release an update on the situation related to CBDC.

For MIT’s DCI, this is not the first and only partnership research project they have been actively involved in; previously, at the start of February this year, they have already published their research topic in which they are collaborating with the Federal Reserve Bank of Boston.

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