The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money
A presentation, prepared by the employees of the Bank of Canada for Governor Stephen Poloz and the bank’s board of directors, offers the most detailed public insight into the bank’s thinking on a proprietary digital coin. The presentation says that the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.
“The asset, supported by the Central Bank, has all the advantages of regular money but also offers safe and convenient electronic payments. We need to introduce innovative technologies so as not to be left behind. Cryptocurrencies can become a direct threat to our monetary policy and our role as the final lender,” the presentation says.
The digital currency will allow authorities to collect significantly more information about citizens spending money. According to the presentation, “all payment details and customer data will not be available to the store, but may be provided to the police or tax authorities.“
Let us recall that in July this year, it was reported that Canadian regulators would focus on the study and regulation of distributed ledger technology (DLT), including blockchain.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin grew to the resistance level of $8,140, then it began to fall down. This movement completely coincided with our forecast. Now, the price of bitcoin is $8,030. We expect that bitcoin will test the support level of $7,740. The nearest resistance levels are $8,140, $8,240. The nearest support levels are $8,000, $7,740, $7,500.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum rose to the resistance level of $178, then it began to fall down. This movement fully coincided with our yesterday’s forecast. Now, the price of ethereum is $176. We expect that ethereum will test the support level of $173. The nearest resistance levels are $178, $181. The nearest support levels are $173, $172, $170.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple grew to the resistance level of $0.2980. After such an increase, the price went down. This movement completely coincided with our forecast. Now, the price of ripple is $0.2950. We expect that ripple will test the support level of $0.2940. The nearest resistance levels are $0.2980, $0.3080. The nearest support levels are $0.2940, $0.2910.
