At a time when cryptocurrencies, while growing in popularity, are still volatile, the Bank of Canada is currently consulting with citizens to seek their views on the potential creation of a digital version of Canada’s currency.
In an interview with TVA Nouvelles, Amplio Strategies President Philippe R. Bertrand explained that the difference between a virtual national currency and a virtual cryptocurrency is that there is no paper equivalent for the latter.
“You can go to a 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,” says the expert.
The latter finds the government’s current thinking intelligent.
If Canada went ahead with such an idea, it would be the end of physical tickets. This would be a world first, believes Mr. Bertrand.
“As far as I know, there is no central bank […]that launched its digital currency,” he mentions.
Amplio Strategies President believes a national cryptocurrency could be beneficial for Canadian consumers.
“Think of the people who have lost their money to the bankruptcy of multiple money exchange platforms, certainly with a government-backed currency[̧thisissomethingthatwouldn’thavehappened”saysPhilippeRBertrand[̧c’estquelquechosequineseseraitpaspassé»»affirmePhilippeRBertrand[̧dasistetwasdasnichtpassiertwäre“sagtPhilippeRBertrand[̧c’estquelquechosequineseseraitpaspassé»affirmePhilippeRBertrand
Still, the expert believes Canada should look into creating a Canadian exchange platform if the country acquires a national virtual currency.
“Currently, the exchange is extremely dangerous for consumers. Unfortunately, some have gone bankrupt,” mentions Mr. Bertrand.
However, despite a Canada-specific platform, a possible Canadian cryptocurrency would not be harmless, claims the president of Amplio Strategies.
“It is certain that there is always a risk of fraud in the digital space, just as paying by phone in retail can be a signal to be intercepted. One has to be careful, but as a consumer I would be more confident if it were managed by the government” , he concludes.
To see the full interview, watch the video above.