Canadian trademark offices have issued a warning about a Canadian dollar that has “unfortunately” become unhealthy, the National Geographic Society said Thursday.
The U.S. currency, which was used to buy food and other items at the U.K.’s Department of Justice on Tuesday, is now being referred to the Canadian government, which will have the authority to “impose sanctions,” according to the Society.
The warning comes as a warning from the Canadian Department of Finance that a currency swap deal between the U,S.
and Canada was “highly risky” and could “harm U. S. economic and financial stability,” the Society said.
“Canada is the only country in the world that has adopted a national standard for currency swaps,” the society said.
“The Canadian government must be mindful of the risks associated with the use of a new currency.”
The currency swap between the two countries is currently on hold, the Society added, but it has been widely reported that the U of S. Treasury Department has already issued a currency-swap warning.
The warning from Canada comes a day after a U.k. government spokesman said that the two nations were in talks to establish a “fiscal and monetary framework for the coming years.”
The spokesman, Michael Saunders, told a news conference that both governments were working on “significant fiscal and monetary reform” that would see the U S. increase taxes and lower interest rates.
“We’re very pleased that the United Kingdom has joined the Canadian-U.S.-led effort,” Saunders said.