The Bank of Canada has announced an online public consultation to gather feedback on potential features for a digital Canadian dollar. The consultation launched today and goes until June 19, 2023. It aims to understand the preferences of Canadians regarding the design of a digital version of the national currency.
As the global economy becomes more digital, the Bank is exploring the possibility of creating digital currency, similar to efforts by other central banks worldwide.
“As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers in a statement on Monday.
Although there is currently no need for a digital Canadian dollar, and any decision to issue one would require the approval of Parliament and the Government of Canada, the Bank wants to ensure that any potential digital currency meets the needs of Canadians.
The consultation seeks opinions on topics such as usage, security features, accessibility, and privacy concerns related to a digital dollar. Yes, the government is spending our tax dollars on a digital dollar consultation.
Rogers emphasized the importance of understanding Canadians’ values in the design of a digital dollar to ensure its security, reliability, and ability to meet the needs of users. The Bank has been providing banknotes for over 85 years, and cash remains a safe, accessible, and trusted payment method. If a digital Canadian dollar is issued, banknotes will still be available for those who prefer them.
The Bank aims to address potential risks associated with a decline in the use of banknotes and the possible adoption of private cryptocurrencies or foreign central bank digital currencies in Canada. A digital Canadian dollar could provide a secure and stable digital payment option issued by the country’s central bank, ensuring Canadians continue to participate in the economy, it says.
A report summarizing the findings of the consultation is expected to be published later this year.
Back in 2021, the Royal Canadian Mint launched the MintChip challenge for developers, to create a digital payment app using the latter’s MintChip technology with a $50,000 grand prize.
After Toronto fintech nanoPay won the $50,000 prize, a new MintChip iOS app was launched to let users send and receive digital cash, plus shop at stores with a QR code. The app and process never took off and later in the fall of 2018, the MintChip app was shut down altogether. So that past experiment should tell you all we need to know about a digital currency right now.
Now, if the zombie apocalypse ever comes, cash will always remain king when the power goes out indefinitely.
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But how will I be able to use a shopping cart at No Frills if the loonie is digital only??!!! 😛
I presume you’re being facetious.
Now if you want to protest, the government doesn’t have to call all the banks to seize your money, they can do it themselves. Plus if you buy too much gas or toilet paper, the government can easily restrict you to one roll or one fill up a month. Forget about it.
There are people in the Lib party that are actively cheering on the restricting and loss of fundamental rights. Think they’ll care or even understand the consequences of giving Trudeau the power to literally control our money?
This is an extreme right wing conspiracy theory, right?
BTW, this was sarcasm…as in, another CT predictable coming to unfortunate and poisonous fruition.
Unfortunately this is not a Canadian initiative…not wearing a tinfoil hat, but look at what Klaus Schwab declared in a CCTV interview last year (you know links can’t be posted, look it up, it’s on the Chinese government pages): ” we praise China for the advancements made in currency control and tight regulations”.
I don’t like the sound and smell of it one bit. China and US more or less killed Bitcoin – that IS a digital currency, but one they could NOT control.
Most of our transactions today (95%) are already digital, so it’s all about surrendering yet another option related to freedom of movement. Then why push so hard for the adoption on CDBCs? Surely not because we’re spending too much printing money – this government seems to never run out of ink.
Hell no. Not after what our
prime ministerdictator did during the covid protests. No to anything digital that can be locked down by our government (cars, identification, money)The clear problem with digital currency is the potential for abuse by the government, i.e., imposing a social credit system. I believe this is the real purpose of this move to the digital dollar. It will be a way for the state to violate civil rights and restrict freed speech, which is the cornerstone of Western democracies. It appears to be a move towards the Chinese Communist system of governance, which is dictatorial and repressive.
I want no control from “Big Brother” deciding for me when & where I can use my cash or spend it period!