⁍ The Bank of Canada is working with its G7 partners on its plans for a digital currency.

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⁍ Governor Tiff Macklem said a ‘globally coordinated’ approach was needed to prevent suprises and to keep such tools from being used by criminals.

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– Central banks around the world are trying to figure out how to create a new form of money that doesn’t rely on the US dollar. The Bank of Canada says it’s working with other G7 countries on a plan to create a digital version of the Canadian loonie, reports Reuters. “If another country has one and we don’t, that could certainly create some problems,” says Bank of Canada Gov. Tiff Macklem. “So we want to make sure we’re ready.Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country. It will be important for us to share information on what each of us is doing, is planning on, and on the timeline that we might do it on.” Earlier this month, the Bank of Canada, the Bank of Japan, the Bank of England, the Bank of Switzerland, the Bank of Italy, the Bank of Japan, and the Reserve Bank of New Zealand issued a joint statement calling for the creation of a new form of money that doesn’t rely on the US dollar, reports the Wall Street Journal. The statement says such a currency could be used for a variety of purposes, including payments for goods and services, payments for goods and services, and payments for goods and services. It says such a currency could also be used to avoid money-laundering and other money-laundering activities. China has been trying to create a digital currency of its own for some time.