The Bank of Canada and the Massachusetts Institute of Technology (MIT) today announced an agreement to collaborate on a twelve-month research project on Central Bank Digital Currency (CBDC).

We consider introducing an expiry date for offline digital currency balances. Consumers whose digital cash expired would automatically receive the funds back into their online account. This functionality could increase demand for digital cash, with the time to expiry playing a key role.

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

Dave McKay is President and CEO of RBC, Canada’s biggest bank, and one of the largest in the world based on market capitalization. He is reimagining the future of financial services to help RBC’s clients thrive and communities prosper. An unwavering champion of innovation, big ideas, and creativity, Dave is a leading force behind RBC’s investments in artificial intelligence and machine learning to help unlock the insights and power of data for clients. In his home market, he is a passionate advocate for Canada’s future prosperity and preparing youth for the future of work through the support and development of RBC Future Launch, a 10-year, $500 million commitment to help young people build the skills required to succeed in a changing world. Dave joined RBC in 1983 as a co-op student in computer programming before moving to the organization’s retail banking arm. He then held progressively senior roles in retail and business banking, group risk management, and corporate banking. He became Group Head of Canadian Banking in 2008. During his tenure leading the division, Dave helped reinvent the bank’s retail operations, introducing new technology that has enabled RBC to adapt and evolve to rapidly-changing consumer demands. Shortly after being appointed President and CEO in 2014, he led the acquisition of City National Corporation, creating a platform for growth with institutional, corporate and high net worth clients in the U.S. Dave holds a Bachelor of Mathematics and an honorary Doctor of Mathematics degree from the University of Waterloo. He also holds an MBA and an honorary Doctor of Laws degree from the Richard Ivey School of Business at the University of Western Ontario, and an honorary degree from Ryerson University. He is both a member and a Board of Director at the Business Council of Canada, and serves on the Catalyst Canada Advisory Board. He is the co-chair of the Business/Higher Education Roundtable, which brings together Canada’s top businesses, universities and colleges to find ways to better link workplaces and classrooms.

The Canadian financial system remains resilient, but vulnerabilities have become more complex and risks have grown. The Bank is carefully watching households’ high levels of mortgage debt, as well as the risks associated with a price correction in Canada’s housing market.