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Bank of Canada considering own digital currency to rival Bitcoin

“Therefore, if most Canadians moved away from cash it would be due to the choice of consumers.”—The Positive Case For A CBDC report.

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The Bank of Canada is considering issuing its own digital currency in competition with bitcoin (BTC), seven years after the bank quietly killed a similar initiative by the Royal Canadian Mint, according to Blacklock’s Reporter.

“A central bank digital currency could be necessary in the future to ensure a competitive digital economy,” researchers wrote in a report, The Positive Case For A CBDC.

The bank called BTC “a novelty for a small number of enthusiasts in Canada” – fewer than 10% of Canadians own it – but warned if widely adopted it would be “out of reach for Canadian regulators.”

“Cash remains widely accepted,” wrote researchers, who added: “The long term, however, is less clear because if the trend towards less acceptance continues the function of cash as a medium of exchange will eventually erode, likely leading consumers to look for more convenient stores of value.”

“It is important to highlight the bank is committed to supplying cash for as long as Canadians demand it,” said Positive Case.

“Therefore, if most Canadians moved away from cash it would be due to the choice of consumers.”

The bank complained credit cards “come at the expense of high fees for retailers which they eventually pass onto customers,” and that electronic currency could become popular in the future.

“As modern economies become increasingly digital, bringing not only competition challenges but also large economic opportunities, central banks are considering whether they should provide a form of digital central bank money for use in everyday retail payments,” said the paper.

The Royal Canadian Mint in 2012 launched its own BTC alternative called MintChip for small transactions under $20. Bank of Canada managers ordered a halt to the program in 2014.

“We issue Canadian dollars,” Grahame Johnson, then-chief of funds management at the bank, testified at 2014 hearings of the Senate banking committee.

“We couldn’t issue another currency. In terms of digital currency, it is not under the current legal framework.”

The bank earns $1.6 billion annually by printing and circulating banknotes.

“This revenue is used by the Bank of Canada to pay our expenses,” said Johnson.

The mint sold its MintChip program at a loss to private investors in 2015.

The sale was valued at $5 million in cash with a 4% IOU for $11 million. The mint is believed to have lost more than $29 million on the venture, though management has never fully disclosed its research and development costs.

Cabinet, in a 2016 Letter Of Expectations to the Mint board, said it must be notified of any “new areas of activity” before funds were spent.

“The mint should focus its efforts on maximizing the efficiency and competitiveness of its core activities,” said the letter obtained through Access To Information.

David Bradley, of Alberta-based Bitcoin Well said the bank’s move isn’t needed.

“Central bank digital currencies don’t truly compete with bitcoin. In 2021, most of our money is digital. It doesn’t really matter whether those dollars are tracked in a database at RBC or on a blockchain run by the Bank of Canada,” said Bradley.

“The real innovation that bitcoin brings to the table is changing who can create money. 
As long as governments can print unlimited money and spend it on re-election promises, they will. This is a de facto tax on anyone holding dollars. 

“Bitcoin fixes this by limiting the supply of the currency to a hard cap of 21 million bitcoins.”

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3 Comments

3 Comments

  1. d.r.cmolloy@gmail.com

    September 21, 2021 at 8:43 pm

    As people get major concerns they immediately turn to cash.we see the move away from credit cards as the economy takes a hit and inflation is rising.With interest rates at near ZIP people are keeping their cash close. The young might be fooled by the digital world but the old school people that have money knows CASH TALKS.

  2. Cosmo Kramer

    September 21, 2021 at 11:50 am

    Wow! Following the Great Reset agenda right on script! Cash is dirty and can transmit viruses so goes the WEF propaganda.

    Canadian digital currency will be non-fungible (is tracked and recorded) and will be instrumental in the social credit system this communist government is implementing. Hold the wrong views and buy the wrong books (i.e.: conservative or religious) and your currency can be frozen with a mouse click. No wait, AI will do it automatically.

    We are in very dark times.

  3. K

    September 21, 2021 at 10:48 am

    Welcome to The Great Reset. While we’ve all been fighting against nonsensical COVID restrictions, the move to a centrally planned cashless society has been occurring in the background. You will own nothing and you will be happy. The guv can track where you spend, why, and on what. They’ll be able to block you from buying what they don’t want you to have.

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Chu wants meeting with Gondek ‘to tell the truth’

Mayor-elect Jyoti Gondek told a city hall press conference she will not swear Chu in, when council meets for the first time on Monday.

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Embattled Calgary Ward 4 Coun. Sean Chu wants to sit down with incoming mayor Jyoti Gondek to plead his case about a sexual incident 24 years ago.

Gondek said Thursday she will refuse to swear in Chu during the first council meeting on Monday.

“I want her to hear the whole truth. I will provide that to her,” Chu told reporters at a press conference.

Chu also offered to sit down with other incoming council members — most of whom are calling for him resign — to explain his side of the story.

“I always work with anybody but they have only heard media reports … some of which has been untruthful,” said Chu.

“I will sit down in private with them and answer any question they have.”

He added he thought it would be a judge who does the swearing-in.

“I was duly elected by the people of Ward 4. I told the truth,” he said, adding was surprised at the amount of support he has received from Ward 4 voters in e-mails and letters.

Chu said this would be his last election as he was a proponent of term limits for councillors at three terms.

“The Sean Chu situation continues to get more disturbing,” Gondek said prior to the press conference.

“This is a travesty for the young woman that was courageous enough to come forward … she needs to have this taken seriously, and he needs to resign in order for that to happen.

“[Chu] can absolutely show up. He won’t be sworn in by me.”

In his only interview so far, Chu had told the Western Standard on Tuesday he had no intention of resigning, but did apologize to a woman he had a sexual encounter with 24 years ago.

Since then, pressure has mounted with Alberta Premier Jason Kenney, Gondek, most of the incoming council, and even local Conservative MPs all saying Chu should resign.

At the press conference, Chu apologized to the woman who was involved in the original incident and his family.

“My daughter is crying a lot. My children are going through a lot,” Chu said, asking for his family’s privacy.

“I’ve had CTV camping out at my house.”

Chu confirmed other details he told the Western Standard during the exclusive interview on Tuesday.

City of Calgary officials confirmed Chu won the election race in Ward 4 by a mere 52 votes after allegations surfaced last week of his involvement in August of 1997 with a girl who was just 16 at the time.

“This was nothing but a political assassination,” said Chu.

Chu, who has represented Ward 4 since 2013, also fired back at some media reports which he claims were completely wrong.

Chu, then a serving Calgary Police Services officer, said he met the unidentified girl at a pub near Macleod Tr. and 94 Ave.

At some point in their interaction, Chu caressed the girl’s leg, an incident that later earned him a letter of reprimand on his file.

Chu said the girl seemed interested in him so when he was off duty he changed into civilian clothes and went back to the pub to meet the girl.

The evening continued with Chu and the girl eventually heading to his home.

Chu “categorically” denied media reports that a gun was produced during the evening at his home. He said he checked his service weapon in at the police’s traffic office when he signed off duty.

He said at the home, the two had consensual foreplay before she asked to go home.

Chu also addressed a 2008 fight with his wife that ended with police responding and seizing a firearm.

The incident happened in February 2008, when Chu was running in a provincial election for the Progressive Conservatives in Calgary-Buffalo.

He said his wife ran to a neighbour’s after a verbal argument. Chu said his now ex-wife never intended to call police, but the neighbour did.

After consultation with the Edmonton Crown, no charges were laid.

“This was at the lowest point of my life,” Chu said, adding he sought mental health help after it.

“I have never threatened or harmed my wife or children.”

Chu served as a Calgary police officer from 1992 until he was elected in 2013.

During the investigation, Chu underwent a lengthy lie detector test asking him questions about consent and if a weapon was used. Chu said he passed all the tests.

Premier Jason Kenney described the allegations as “appalling,” but said he didn’t think there was any way for the province to remove a councillor who hasn’t been convicted under the Criminal Code.

Melanie Risdon is a reporter with the Western Standard
mrisdon@westernstandardonline.com

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WATCH: Vancouver restaurant served closure order for non-compliance with ‘Public Health Act’

“The operator is intentionally allowing the congregation of unvaccinated individuals at the establishment,” wrote the closure order.

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Another BC restaurant has been ordered to close its doors in the name of public health.

“I’m a mother of four,” restaurant owner Rebecca Matthews pleaded with health officials and police.

Corduroy Restaurant — nestled in Vancouver’s Kitsilano neighbourhood — has been offering service to customers without checking their vaccination status against COVID-19.

Under the BC Vaccine Card, people are required to show proof-of-vaccination against COVID-19 in order to access a variety of settings, such as dining.

In response to Corduroy having potentially committed the crime of serving unvaccinated customers, Vancouver Coastal Health Authority (VCH) sent environmental health officer Ryan Hammel — accompanied by Vancouver police — bearing a closure order for non-compliance on Wednesday.

“The operator is intentionally allowing the congregation of unvaccinated individuals at the establishment,” wrote the order, whilst listing off several more “health hazards,” such as “failing to comply with the Face Coverings Order.”

The closure order — signed by VCH medical officer, Dr. Michael Schwandt — says the establishment must remain closed until authorized by a medical officer.

Matthews told the Western Standard health officials showed up at her restaurant on Tuesday morning to “investigate some complaints.”

On Wednesday, Hammel served the closure order.

WATCH: https://www.instagram.com/p/CVQ1f8nhN2m/

“They wouldn’t even discuss anything with me,” said Matthews.

“We reduced our hours, we started doing counter service … these are all things that are — according to the provincial health orders — considered safe.”

Matthews said she’s looking into the closure order to determine how best to proceed.

“I have a family, but at the same time we still want to create a space for people that don’t have anywhere else to go … so we’re just trying to navigate the next steps in the best way for everybody, including my family. Our plan is not to just go away,” she said.

Wednesday is not the first time Corduroy has taken a hit for defying provincial health orders, as its license was suspended six months ago for offering in-person dining, when no such thing was permitted.

During a September 20 staff forum, the Chief Medical Health Officer of VCH, Dr. Patricia Daly, said vaccine passports in settings such as Corduroy’s are not intended to prevent transmission.

“The vaccine passport requires certain people to be vaccinated to do certain discretionary activities such as go to restaurants, movies, gyms … not because these places are high risk,” said Daly.

“We’re not actually seeing COVID transmission in these settings, it’s really to create an incentive to improve our vaccination coverage.”

A Go Fund Me has been set up for Matthew’s by a verified third party to cover legal fees so Corduroy can “continue to stand up for the rights of their patrons, their medical privacy and choice.”

Reid Small is a BC correspondent for the Western Standard
rsmall@westernstandardonline.com
Twitter.com/reidsmall

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Gondek appoints controversial Carter as chief of staff

He received $130,000 in severance for his six months as chief of staff for Alison Redford.

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Incoming Calgary mayor Jyoti Gondek has appointed Stephen Carter, formerly Premier Alison Redford’s chief of staff and Naheed Nenshi campaign manager, as her own chief of staff.

Carter masterminded Gondek’s campaign and saw her come from well back in early election polls to an eventual easy victory over rival Jeromy Farkas.

Carter in February also threatened to sue the Western Standard when it published a story about a former Calgary city councillor filing an official complaint with Alberta’s Chief Electoral Officer alleging Gondek used third-party funds to pay for a city-wide brochure mail-drop.

Almost immediately after publishing, Carter threatened Western Standard News Editor Dave Naylor with a lawsuit. He tweeted:

“That was quick: Ok. You will be getting a letter from our lawyer shortly. Straight to Jono? Does he defend you as well?”

We told Carter that any further correspondence should be directed to our lawyers. 

He then took to Twitter to brag about his impending lawsuit to shut the Western Standard up. 

Carter never followed through on his threats.

Carter was once famously referred to as “Chief of Stiff” by the Calgary Sun after he become embroiled in a scandal where he didn’t pay his bills.

The Sun reported a company owned by Carter, Carter McRae Events, “owes more than $600,000, most of it to the University of Calgary, and hasn’t coughed up a cent in court-ordered judgments.”

He resigned from Redford’s staff and received $130,000 in severance for his six months work.

Stephen Carter (photo credit: Calgary Sun)

“If that’s the full amount, that’s still pretty eye-popping,” said Wildrose Leader Danielle Smith at the time.

“A six-figure severance for six months worth of work? An employee who voluntarily leaves should not get severance at all. This certainly doesn’t happen in the private sector.”

Carter, who had been Redford’s strategist in the 2011 Tory leadership race, became her chief of staff when she took office in October of that year.

He was also the mastermind behind Nenshi’s unexpected election victory 11 years ago.

Gondek also announced Amie Blanchette as deputy chief of staff, Catherine Seymour as operations manager and Allison Bates as communications advisor.

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