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

A syringe is loaded with COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Interior Health announces 89 cases of COVID-19 in the region

Currently, there are 900 active cases in the region

B.C. wineries are open for indoor tasting despite new provincial health regulations. Photo- 
50th Parallel Winery, Instagram.
Indoor wine tastings still allowed in B.C., not considered a ‘social gathering’

“Tasting is really just part of the retail experience. The analogy I use is you wouldn’t buy a pair of pants without trying them on.”

Mainly clear and sunny skies are expected for the Okanagan-Shuswap region this week. (Maxpixels photo)
Warm, sunny week ahead in Okanagan-Shuswap

Daytime highs will reach the low 20s with mainly clear skies this week

File photo
Trip for cigarettes costs Princeton man $500 and a lecture

You’ve got to start obeying the rules of the road, says judge

The health authority will occupy the building until October 31, 2021. File Photo
Health authority pays town $7.4K monthly to lease Riverside Centre

Facility is being rented for COVID vaccinations

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

Dr. Bonnie Henry gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. urges people to stay in their neighbourhoods, discourages out-of-household meet-ups

Dr. Bonnie Henry says there should be no travel, even to the next city over

Kelowna
Morning Start: Foot bones don’t harden until you’re an adult

Your morning start for Tuesday, April 13, 2021

Dr. E. Kwok administers a COVID-19 vaccine to a recipient at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Most Canadians plan to get COVID-19 vaccine, but safety fears drive hesitancy: poll

This comes as confidence in governments is plummeting in provinces being hit hardest by the pandemic

Marathon of Hope runner Terry Fox is shown in a 1981. (THE CANADIAN PRESS/CP)
Terry Fox’s legacy of resilience resonates during COVID-19 crisis, says brother

Fred Fox said his brother’s legacy of resilience has taken on renewed resonance as COVID-19 rages on

A five-storey, 60-unit building has been proposed for 8709 Jubilee Rd. E., Summerland. The proposal will be the subject of a public hearing on March 22. (Image by GTA Architecture)
Zoning, OCP amendments adopted for Summerland housing development

Council gives final readings for controversial five-storey, 60-unit housing development

A youth was arrested following a car crash on Wallace Street on Saturday, April 10. (Karl Yu/News Bulletin)
Onlookers laugh and jeer as B.C. teen beaten, then forced to strip and walk home

Police arrest older teen, call video shared on social media ‘disturbing’

The Red Pill Rapper performs to the crowd gathered for the Rally For Food Security at Blackburn Park on Saturday, April 10, 2021. (Kristal Burgess Photography)
The Red Pill Rapper performs to the crowd gathered for the Rally For Food Security at Blackburn Park on Saturday, April 10, 2021. (Kristal Burgess Photography)
Suspicion of ‘fake news media’ makes rally uncomfortable for Salmon Arm event photographer

More than 300 people counted at city park for ‘Rally For Food Security’

Most Read