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National Newswatch: Canada's most comprehensive site for political news and views.
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The innovation that is associated with developing a digital currency has provided for a unique opportunity to reconsider how consumers can access payment mechanisms and conduct retail banking following the emergence of new fintech technologies. As such, this is a prescient time for policy makers to reconsider financial reform efforts to leverage new technological developments as a means of making the payments system more efficient. This paper considers some of the challenges facing Central Banks as they attempt to navigate these pressing challenges. In particular, the paper will assess the relative prospects for success for some of the more popular CBDC proposals and identify potential avenues for Central Banks to improve the efficiency of their retail payment systems. Part One will examine some of the more prominent proposals that utilize a combination of increasing access to financial services through a digitization of conventional bank notes to be supplied either directly as accounts operated by Central Banks, or through conventional intermediaries that utilize the payment rails to be established by a Central Bank to provide access to their customers to digital banknote equivalents. Part Two will consider how these present efforts can be enhanced by re-examining the roles that Central Banks play in enhancing economic efficiency. Attention will be paid to recent advances pioneered in fintech in order to reimagine the role played by Central Banks in facilitating the circulation of money and credit throughout the economy. Part Three will address some of the criticisms of the existing CBDC proposals and will offer thoughts on how to mitigate some of the risks involved including the incorporation of a national identity and credit reporting feature into CBDC models as a method of reducing transactions costs.
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This paper compares and contrasts American and Canadian efforts to regulate debit cards. The paper begins by outlining significant differences between the two approaches arguing that Canadians do not enjoy the same level of protection as do their American counterparts with respect to its provisions governing unauthorized transactions, dispute resolution and its enforcement mechanisms.
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This paper considers the recent Ontario Court of Appeal decision in Jones v Tsige. In this unprecedented case, a bank customer was allowed to sue a bank employee personally for the tort of invasion of privacy after the employee surreptitiously accessed her bank account. The case is significant due to its introduction, for the first time, of an American cause of action under the tort of invasion of privacy. In order to fashion the plaintiff with the personal remedy, however, the Court has failed to consider the application of the Tournier doctrine that has established that banks owe a duty of secrecy to their customers. In so doing, it is argued that the Court has undermined an established tradition of law that provides for a better approach in analyzing the issue from a banking perspective than that used by the Court.
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This article examines the use of Facebook’s Libra as a substitute for fiat money. It considers Libra’s prospects for success in light of the fact that it purports to substitute trust in a technology for the traditional legal supports that bolster public trust in traditional fiat currencies. The legal doctrines that support fiat currencies do so for the purposes of recognizing the economic functions that money performs and are also meant to support public policies that promote monetary stability, protect consumers and help to enforce anti money laundering statutes. It is argued that Libra will result in unintended challenges for monetary authorities that will subject the world financial system to greater consumer transaction risks, increase systemic risks, and make it more difficult to combat money laundering efforts. The ultimate question is whether the public can place its trust in Facebook and its partners to manage a global currency, or is that trust better placed in the hands of central banks?
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- Muharem Kianieff (18)
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