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The SDR is an international reserve asset. The SDR is not a currency, but its value is based on a basket of five currencies?the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

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Overview. The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. The SDR is not a currency. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.

To load funds onto your card, use your mobile app or sign onto your account at acconversion.cibc.com Opens in a new window.. The website also works on your phone or tablet on the go. There is no minimum amount you have to load. The maximum the card can hold is the equivalent of $20,000 CA in your choice of currencies.

It said that Sweden remained one of Europe's most advanced with its CBDC pilot, while the Bank of England is pressing on with work on a possible digital pound that could be in use by the second half of this decade. Australia, Thailand, South Korea, and Russia all intend to continue pilot testing this year too.

The Bank of Canada first launched public consultations on a Canadian digital currency in May 2023. Over 85,000 Canadians participated in the conversation by providing feedback of their needs and expectations. If there's any traction, it may be a few years before the Canadian digital currency comes to fruition.

There are currently no plans or legal means to demonetize bank notes in Canada.

The Fed is still evaluating the potential impact of a digital dollar. It currently has several studies, pilot tests and experiments underway to determine the technology's opportunities and limitations.