In this March 29, 2018 file photo, the logo for social media giant Facebook, appears on screens at the Nasdaq MarketSite, in New York’s Times Square. THE CANADIAN PRESS/AP/Richard Drew

In this March 29, 2018 file photo, the logo for social media giant Facebook, appears on screens at the Nasdaq MarketSite, in New York’s Times Square. THE CANADIAN PRESS/AP/Richard Drew

Finance Department sees issues with Facebook’s digital currency, documents show

Officials appeared less concerned about rivals like Bitcoin

Internal Finance Department documents show officials have deep concerns about the effect of Facebook’s planned digital currency on Canada’s financial stability.

Officials wrote in the briefing note last summer that they believed the company had yet to address multiple concerns and risks its digital currency posed to the financial system.

The July briefing note, obtained by The Canadian Press under the Access to Information Act, also says the government was working on options to ease the risks.

Officials appeared less concerned about rivals like Bitcoin, which the briefing note says has not played a large role in everyday transactions in Canada for various reasons.

Unlike Bitcoin, Facebook’s offering would be a “stablecoin” whose value would be less volatile, and could be easily used by hundreds of millions of the social media giant’s users upon release.

The ease of use and stability of value are among the reasons governments and central banks like the Bank of Canada have taken a keen interest in the currency.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

facebook

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Abbotsford’s Ying Chun Chen recently won a $1-million prize with Lotto 6/49. (Submitted)
Abbotsford’s Ying Chun Chen recently won the $1-million prize in a Lotto 6/49 draw. (Submitted)
Abbotsford’s Ying Chun Chen wins Lotto 6/49 $1-million prize

Ticket was purchased at Abbotsford’s FreshCo for the March 6, 2021 draw

Coquihalla elementary Grade 1 teacher Jenny Mossey hands out saplings to students at Rotary Park for them to plant themselves, on April 13, 2021. (Jessica Peters/ Hope Standard)
Coquihalla students pitch in with Rotary Park re-planting efforts

Popular Hope park trail improved after trees with root rot removed

Kao Macaulay has been charged in relation to a home break-in on March 30 in Abbotsford in which five kittens were stolen. (Facebook photo)
Former Chilliwack man charged with theft of 5 newborn kittens in Abbotsford

Prolific offender Kao Macaulay, 23, accused of breaking into home on March 30

About 80 demonstrators walked through Hope with signs in support of saving the Station House on March 23, 2021. (Photo/Christian Ward)
Public hearing now planned for Hope’s Station House decision

Council has now taken steps to remove heritage status from historic building

The City of Chilliwack website now has a panel full of customization options for people with disabilities, including an ADHD Friendly Profile. (chilliwack.com)
VIDEO: City of Chilliwack website offers new options for people with disabilities

The website now has a panel allowing users to adjust just about everything to suit individual needs

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has restricted indoor dining at all restaurants in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 indoor dining, drinking ban extending into May

Restaurant association says patio rules to be clarified

In a 2019 photograph, Yin Yin Din held a picture of her brother Kyaw Naing Din, 54, and her late father Hla Din who passed away in 2014, during a trip to Victoria. (The News files)
Family of B.C. man killed by cop appeals to Attorney General for help

The Din family want B.C. Attorney General David Eby to forward their case to Crown

B.C. Premier John Horgan speaks at the B.C. legislature. (B.C. government)
Tougher COVID-19 restrictions in B.C., including travel, still ‘on the table’: Horgan

John Horgan says travel restrictions will be discussed Wednesday by the provincial cabinet

Protesters occupied a road leading to Fairy Creek Watershed near Port Renfrew. (Submitted photo)
B.C. First Nation says logging activist interference not welcome at Fairy Creek

Vancouver Island’s Pacheedaht concerned about increasing polarization over forestry activities

Flow Academy is not accepting membership applications from anybody who has received a dose of the vaccine, according to a password-protected membership application form. (Submitted image)
B.C. martial arts gym refusing patrons who have been vaccinated, wear masks

Interior Health has already issued a ticket to Flow Academy for non-compliance with public health orders

Maple Ridge's Doug Ubell caught some photographs recently that he was anxious to share, one taken while on the Trans-Canada Trail looking southwest towards the Pitt River Bridge, and another from on Golden Ears Bridge. (Special to The News)
Traffic on Golden Ears Bridge returning to pre-pandemic levels

Commuters from Greater Vancouver still driving more, taking transit less

Sheila Malcolmson, B.C.’s minister of mental health and addictions (Screen shot)
Minister of mental health tells Surrey audience COVID-19 ‘has made everything worse’

More than 23,000 people in B.C. are receiving medication to treat opioid addiction

Facebook screenshot of the sea lion on Holberg Road. (Greg Clarke Facebook video)
VIDEO: Sea lion randomly spotted on remote B.C. logging road

Greg Clarke was driving home on the Holberg Road April 12, when he saw a large sea lion.

Defence counsel for the accused entered two not guilty pleas by phone to Grand Forks Provincial Court Tuesday, Jan. 12. File photo
B.C. seafood company owner fined $25K for eating receipt, obstructing DFO inspection

Richmond company Tenshi Seafood is facing $75,000 in fines as decided March 4 by a provincial court judge

Most Read