The Bank of Canada on November 29, 2023, published a report summarizing the feedback it has received to date about a potential digital Canadian dollar. Since 2020, the Bank has engaged widely with Canadians, as well as with stakeholders in the financial sector and civil society
The feedback the Bank received indicates that:
- Canadians place a high value on holding cash that is backed by their central bank and want to maintain access to bank notes.
- Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right
- A digital dollar should be easily accessible and should neither add barriers nor worsen existing ones
- A digital dollar should not add to financial stability risks.
Through its work on a digital Canadian dollar, the Bank aims to ensure that Canadians will continue to have the benefits of money issued by the central bank in an increasingly digitalized world. Whether and when a digital dollar will become needed is uncertain. Ultimately, the decision to go ahead with a digital dollar belongs to Canadians, through their representatives in Parliament. https://tinyurl.com/mr2yxzsy
Source: IBP