Last year, the Bank of Canada signalled it was keeping an eye on the situation, as it accelerated its research on digital currencies, including a virtual dollar. ![]() The ten-year anniversary of the decision of former prime minister Stephen Harper’s government to end the penny comes at a time when money is quickly going digital and Canadians are less likely to carry cash and coin around with them. Photo by Ken Gigliotti/Winnipeg Free Press files Late finance minister Jim Flaherty with the last pressed penny in 2012. “I think it will be absolutely valuable going forward as less coins circulate,” Marie Lemay, chief executive of Royal Canadian Mint, said in an interview. Killing off a coin that most people have stopped using sounds simple, but it isn’t. If that happens, lessons from the demise of the penny could help smooth the transition. ![]() A decade later, Canada could be on the cusp of a far more radical shift in payments, as policymakers talk openly about the possibility of all physical money going the way of the copper coin.
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