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The Bank of Canada seeks public opinion on the potential of a digital Canadian dollar. The country’s central bank has said it doesn’t need a national digital currency yet, but wants to be flexible in case that changes.
“As the central bank of Canada, we want to ensure that everyone can participate in the economy of our country at any time. That means we are ready for whatever the future holds.” press release Published today. Banks cite reduced cash use, potential competition from cryptocurrencies, and national economic stability as reasons to prepare for potential changes.
“The bank has been providing banknotes to Canadians for over 85 years,” the announcement said. “Cash is a safe, accessible, and reliable means of payment that can be used by everyone, including those without bank accounts, credit scores, or government-issued identification. It may come to a point where it goes out of use, and many Canadians are at risk of not being able to participate in the economy.”
Although cryptocurrencies are no longer a threat to traditional financial institutions after last year’s crash, looming danger is still likely to have motivated the move. If decentralized currencies become widely used enough to reduce demand for the Canadian dollar, it could threaten the ability of banks (and governments) to control the economy, maintain stability, and enforce policy. There is a nature. “The Digital Canadian Dollar will ensure Canadians always have access to an official, secure and stable digital payment option issued by the Central Bank of Canada,” said the bank. But even if it does eventually issue a domestic digital currency, it also emphasized issuing banknotes for those who need them. It clearly states, “Cash is not going anywhere.”
survey is standard online survey How Canadians are likely to use digital currency, which security features are essential, and accessibility and privacy concerns. “We would love to hear from Canadians on what they value most in the design of their digital dollar. Canadians’ feedback will be “anonymous, confidential and reported only in aggregate,” the bank said.