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Finance Department sees issues with Facebook91裸聊视频檚 digital currency, documents show

Officials appeared less concerned about rivals like Bitcoin
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In this March 29, 2018 file photo, the logo for social media giant Facebook, appears on screens at the Nasdaq MarketSite, in New York91裸聊视频檚 Times Square. THE CANADIAN PRESS/AP/Richard Drew

Internal Finance Department documents show officials have deep concerns about the effect of Facebook91裸聊视频檚 planned digital currency on Canada91裸聊视频檚 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, Facebook91裸聊视频檚 offering would be a 91裸聊视频渟tablecoin91裸聊视频 whose value would be less volatile, and could be easily used by hundreds of millions of the social media giant91裸聊视频檚 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

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