Monetary architecture in transition
Central bank digital currencies (CBDCs) are moving from concept to implementation. Over 130 countries, representing 98% of global GDP, are exploring them (IMF 2025). The Bank of Canada remains in pilot phase but faces pressure to act as global adoption accelerates.
| Category | Countries Active | Stage | Source |
|---|---|---|---|
| CBDC pilots | 64 | Development | BIS 2025 |
| Launched (e.g., China, Nigeria, Bahamas) | 13 | Operational | IMF |
| Canada | — | Research/Pilot | BoC |
Key considerations
- CBDCs promise efficiency and inclusion but raise privacy and surveillance concerns.
- Digital dollarization could erode monetary autonomy if U.S. or Chinese systems dominate.
- Banking disintermediation risk requires careful architecture.
What leaders can do
- Prepare for programmable money. Build accounting systems CBDC-ready.
- Integrate real-time payments infrastructure.
- Model liquidity scenarios under partial CBDC adoption.
- Engage policymakers through pilot programs. Influence design toward market efficiency.
Arcus Insight: The currency of the future will be trust — programmable, transparent, and geopolitical. Canada’s early design choices will shape its monetary sovereignty.