On August 25, 2021, the Centre for International Governance Innovation and Bennett Jones LLP hosted a virtual workshop with international and Canadian experts from the public and private sectors and from academia on the theme of Canada and the digitalization of money.

The workshop aimed to take stock of international developments in digital payments and money; to review progress in Canada; and to develop advice for policy makers, regulators and market participants on how to advance digitalization with a view to serving the interests of the users of financial services, the soundness of the financial system and the competitiveness of the Canadian economy.

This conference report shares key takeaways from the workshop that was held under the Chatham House Rule. It does not purport to represent a consensus among the participants, nor to convey the views of any individual or organization. Its goal is to stimulate discussion and to encourage action on what participants broadly agree must be a matter of immediate attention for Canada: the digitalization of money.

Box 1 outlines the high-level messages that emerged from the workshop. These observations and the underpinning considerations are developed more fully below.