The Future of Money

Innovation, Regulation and Trust in Open Banking and Digital Currencies

In this discussion paper, written for the Munk School of Global Affairs & Public Policy’s Future of Money Event, we provide overviews of two pressing future of money issues in Canada – open banking and digital currencies. While noting that both are expected to provide some benefits to consumers and contribute to Canada’s global competitiveness in the financial sector, we highlight key risks that policy-makers and others will need to address. These include risks to consumer privacy and data security, financial inclusion and equity, the stability of the financial system, the environment, and the ability of governments to manage the economy and exercise democratic governance.


Given the rapid diffusion of open banking and digital currencies in Canada and their possible effects, there is an urgent need for discussion and action to ensure our future is one we choose, and not one chosen for us through drift and circumstance. This discussion paper provides a common foundation for all Canadians to participate in an open discussion about what we want, and what we do not want, from financial innovation and the future of money.


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