The Bank of Canada has started a process to identify what Canadians expect from a digital Canadian dollar, with a public consultation being launched.
The Bank of Canada is the latest entry to the list of central banks worldwide that are deliberating on central bank digital currencies (CBDCs). Inviting Canadians for their views in a recently launched public consultation, the central bank has hinted at a possible future with a digital Canadian dollar. But nothing has been confirmed yet regarding the issuance of the CBDC.
The central bank would continue the public consultation till June 19, as it acknowledged how the payment practices of Canadians are evolving towards a digital system. It noted that since Canadians were increasingly paying digitally for all kinds and sizes of purchases, the decision to explore a CBDC was being implemented by the central bank.
“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 Bank of Canada’s Senior Deputy Governor Carolyn Rogers.
She further implied that the opinions of the Canadians could significantly help the central bank to design a digital Canadian dollar that would be reliable, secure, and useful.
The public consultation mainly invites opinions on three specific issues, including the use cases of the CBDC, any privacy and accessibility concerns, and the security features Canadians would like to see in the digital Canadian dollar.
The central bank noted how the CBDC would not undermine the importance of cash. While cash would still be circulated, it might just be used less in the future. Thus, a secure and stable digital Canadian dollar would be necessary for the country soon, said the bank.