The Bank of Canada today released a report summarizing the feedback it has received so far on a potential digital Canadian dollar.
Since 2020, the Bank has been working extensively with Canadians and stakeholders in the financial sector and civil society.
From the feedback the bank received, it appears that:
- Canadians value cash backed by their central bank and want to continue to have access to banknotes.
- Canadians value their right to privacy and many expressed concerns that a digital dollar could jeopardize that right.
- A digital dollar should be easily accessible and neither create nor exacerbate existing barriers.
- A digital dollar should not increase risks to financial stability.
Through its work on a digital Canadian dollar, the bank aims to ensure that Canadians continue to reap the benefits of money issued by the central bank in an increasingly digital world. Whether and when a digital dollar will be needed is uncertain. Ultimately, the decision to adopt a digital dollar rests with Canadians, through their representatives in Parliament.
The Bank will continue to engage with stakeholders on the key issues and features that matter most to Canadians, such as privacy, accessibility and inclusion, security and technology, financial stability and shaping a business ecosystem. Canadians will have more opportunities to contribute to a potential digital Canadian dollar.
“Our responsibility is to ensure Canada’s payments system is ready for the economy of the future,” said Deputy Governor Carolyn Rogers. “The way people pay for things and use money is changing. If Canadians decide a digital dollar is necessary, it is our duty to be ready.”
The full report, which summarizes the Bank’s engagement activities and public and stakeholder responses, can be found on the website.
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