I'll be very quick and to the point.
Mr. Chair, I appreciate the point of order, but this is very important. What I'm trying to put forward to my colleagues is that, first, there were 14 motions allowed. Of all motions allowed to be brought forward by members of this committee, including the chair, so far none of the 14 have come from our side, from a Liberal MP. The point I'm trying to make is that there are very important issues that, if we missed a chance to study right now, we would be entering a whole new world in which we would always be a few steps behind.
Bear with me for a second. I will come to what the Bank of Canada has done on this central bank digital currency technology, and I'm sure you will find it fascinating. I'll bring it to my final point.
In Canada the Bank of Canada has been looking at this idea as well. In June this year they published an analytical note called “Privacy in CBDC technology”. Here are some of the key messages:
There are many cryptographic techniques and operational arrangements for fine-grained privacy design. These demand knowledge of detailed requirements around privacy and disclosure.
The Bank could engineer a CBDC system with higher levels of privacy than commercial products can offer—but with trade-offs. Some combinations of requirements will not be feasible or may lead to high operational costs and excessive complexity and risk. Also, the user's overall privacy will depend on factors such as user behaviour and the privacy policies of other entities in the CBDC ecosystem.
Techniques to achieve cash-like privacy are immature. They have limited deployments, none of which comply with know-your-customer (KYC) and anti-money laundering (AML) regulations.