Plans for a national digital currency have now moved beyond the trial phase, according to the governor of the Bank of Canada.

The project had moved beyond proof-of-concept and is approaching being ready for a wider rollout, Reuters reported. The bank is currently working alongside counterparts from across the G7 nations to develop central bank digital currencies (CBDC).

However, a CBDC will not be launched any time soon, as currently there is no need for a central bank digital currency in Canada. Nevertheless, the governor said the bank was keen to avoid losing out to other nations in launching a digital currency.

The comments come at a time of rapid progress globally towards the development and launch of central bank digital currencies. With the Bank of Canada now at a stage of advanced trials, it joins the ranks of other central banks worldwide in having made progress towards the launch of a CBDC. If you are interested to learn more about the topic of CBDC, feel free to check our central bank digital currency series here.