The digital dollar would be a state-issued cryptocurrency, or "central bank digital currency" (CBDC). (For more detail on CBDCs and how they work, you can read our previous article here.)

It's not just Canada – countries from all around the world appear to be accelerating the research and implementation of CBDCs as we enter the second quarter of 2022.

In our New Years post, OffG hypothesized that the introduction of central bank digital currencies would be a major news thread of 2022, and that prediction looks to be coming true before winter has even turned into spring.

CBDC pilot schemes were already active in the Bahamas and Nigeria before the end of 2021, and Jamaica is rolling out their own later this year after a pilot scheme last year.

Dozens of others are not far behind, including the US, UK and the entire Eurozone. Sweden's "e-Krona" is currently in the testing phase. Joe Biden has called research into CBDCs a matter of "highest urgency".

Ukraine is right at the forefront of CBDC research and has been prepping for such since 2016. There were plans to implement one later this year, though it's possible the war has changed them.

The Russian central bank was developing a "digital ruble" before the invasion of Ukraine, and it is now being suggested as a way to circumvent Western sanctions.