According to Foresight News, Decrypt reported that the Bank of Canada has shelved its plan for a central bank digital currency (CBDC), but will continue to conduct policy research and analysis on payment developments in Canada and abroad. The Bank of Canada first launched a research project in 2019 to explore the creation of a digital Canadian dollar and conducted a public consultation in 2022. In a research paper in early 2024, the Bank of Canada believes that the introduction of a CBDC can help Canadians maintain monetary sovereignty and financial stability as cash usage continues to decline across the country.