The Bank of Canada is exploring the viability of a digital dollar and is looking for your input..“A central bank digital currency (CBDC) would be similar to Canadian bank notes, but in digital form,” said the bank in a press release. “It would be backed by the Bank of Canada, with the added benefit that it could also be used online.”.“A digital dollar wouldn't replace cash,” adds the bank. “We will continue to supply bank notes as long as Canadians want them. It would simply be another way to pay.”.“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, adding at this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada..The bank’s release points out “A digital Canadian dollar would have to be designed to serve Canadians’ needs. That’s why the bank is holding this online consultation; to understand which features are most important to Canadians.”.The bank is also seeking your opinions about topics related to a digital dollar, such as:.how people would likely use itwhat security features are importantwhat concerns you have about accessibility and privacy.“We want to hear from Canadians about what they value most in the design of a digital dollar This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians,” Rogers said..“Cash is a safe, accessible and trusted method of payment that anyone can use, including people who don’t have a bank account, a credit score or official identification documents,” the bank said..“If a digital Canadian dollar is issued in the future, the bank will continue to provide bank notes for those who want them. Cash isn’t going anywhere.”.The bank does foresee, however, the day when cash is not widely used in day-to-day transactions, “which could risk excluding many Canadians from taking part in the economy,” it says..The bank acknowledges it cannot control the issuance of private cryptocurrencies or foreign central bank digital currencies that could become used in Canada. .“This could compromise the role of an official, centrally-issued currency, the Canadian dollar, in our economy and pose a risk to the stability of our financial system,” says the bank..“A digital Canadian dollar would ensure Canadians always have an official, safe, and stable digital payment option issued by Canada’s central bank.”.You can add your comments about a digital Canadian dollar at this link: https://bit.ly/429uV0M..The bank says it will publish a report summarizing comments this later this year.
The Bank of Canada is exploring the viability of a digital dollar and is looking for your input..“A central bank digital currency (CBDC) would be similar to Canadian bank notes, but in digital form,” said the bank in a press release. “It would be backed by the Bank of Canada, with the added benefit that it could also be used online.”.“A digital dollar wouldn't replace cash,” adds the bank. “We will continue to supply bank notes as long as Canadians want them. It would simply be another way to pay.”.“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, adding at this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada..The bank’s release points out “A digital Canadian dollar would have to be designed to serve Canadians’ needs. That’s why the bank is holding this online consultation; to understand which features are most important to Canadians.”.The bank is also seeking your opinions about topics related to a digital dollar, such as:.how people would likely use itwhat security features are importantwhat concerns you have about accessibility and privacy.“We want to hear from Canadians about what they value most in the design of a digital dollar This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians,” Rogers said..“Cash is a safe, accessible and trusted method of payment that anyone can use, including people who don’t have a bank account, a credit score or official identification documents,” the bank said..“If a digital Canadian dollar is issued in the future, the bank will continue to provide bank notes for those who want them. Cash isn’t going anywhere.”.The bank does foresee, however, the day when cash is not widely used in day-to-day transactions, “which could risk excluding many Canadians from taking part in the economy,” it says..The bank acknowledges it cannot control the issuance of private cryptocurrencies or foreign central bank digital currencies that could become used in Canada. .“This could compromise the role of an official, centrally-issued currency, the Canadian dollar, in our economy and pose a risk to the stability of our financial system,” says the bank..“A digital Canadian dollar would ensure Canadians always have an official, safe, and stable digital payment option issued by Canada’s central bank.”.You can add your comments about a digital Canadian dollar at this link: https://bit.ly/429uV0M..The bank says it will publish a report summarizing comments this later this year.
