Canadians prefer to hold cash and are skeptical of the idea of a central bank issuing a digital Canadian dollar.
More central banks around the world have launched or announced the launch of digital currencies. The idea is being considered, among other things: in Canada. However, it appears that the proposal does not have particular public support.
Canadians don’t want CBDC
“The overwhelming majority of Canadians want the government and its largest bank to leave cash alone and not pursue the creation of the so-called digital dollar. They call electronic currency a terrible idea that could lead to a new way for the government to control and track. us.” ” – this is how the Life Site News portal describes the results of the survey published by the Bank of Canada.
A survey of a “potential digital Canadian dollar” found that 86 percent of Canadians oppose such a venture.
The essence of Canadians’ concerns was perhaps expressed by one of the commentators who wrote “Digital Dollar – This sounded great until the federal government froze its citizens’ private bank accounts because it supported a political movement it disagreed with. I have no faith in the system anymore.”.
This was most likely a reference to the Freedom Convoy, which was formed in response to legal discrimination caused by the Covid segregation of citizens. Well, in early 2022, when there was a protest by truck drivers against Covid restrictions in Canada, the protesters lost access to their bank accounts and had their credit cards and insurance frozen.
What will the central bank do?
The Bank of Canada survey also found that “the vast majority of respondents agree that rules should be introduced requiring merchants to accept cash as a form of payment.” This trend continues “consistently across all demographic groups.”
According to most respondents, the central bank “should not explore and build the capacity to issue a digital Canadian dollar.” At the same time, the overwhelming number of respondents believe that the authorities will not take into account their views on electronic money.
About 93 percent of respondents admitted to using cash. As many as 2/3 believe that access to digital currency is not important.
The US is working on CBDC, among other things. China is leading the way in developing and implementing state currency in digital form, under the supervision of the central bank.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
