The Bank of Canada is considering launching a digital currency that would replace cash and track how people spend money.

The bank says the benefits of a digital currency include the sharing of personal information with police or tax authorities.

According to the bank, the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.

Financial Post reports that this digital currency would help Bank of Canada combat the “direct threat” of cryptocurrencies.

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