The Bank of Canada’s recent public consultation on its central bank digital currency (CBDC) initiative has revealed a predominantly negative sentiment among Canadians, casting doubt on the nationwide acceptance of such a currency.
In the “Digital Canadian Dollar Public Consultation Report,” the central bank aimed to explore the potential role of CBDCs in a landscape already dominated by digital fiat payments and credit cards. However, the survey, which garnered 89,423 responses, indicated a strong preference among Canadians for regulations that would mandate the acceptance of cash as a form of payment.
The report highlighted that nearly 95% of respondents were either aware of or familiar with the concept of a digital Canadian dollar. While awareness is crucial for widespread adoption, this does not seem to be the case in Canada. The survey found that 93% of participants primarily use paper cash for daily transactions, although they also utilize credit and debit cards and other online payment methods. Notably, only 15% of respondents owned Bitcoin (BTC) or other cryptocurrencies.
A significant majority of those surveyed advised the Bank of Canada to cease its efforts in researching and developing a digital Canadian dollar. There was a prevalent belief among the public that their feedback would likely be disregarded in the CBDC initiative. Almost all respondents expressed a preference for existing payment methods over a CBDC. Intriguingly, those who were knowledgeable about CBDCs were even more hesitant to embrace the technology compared to those who were not.
On the other hand, the small segment of respondents who had previously held cryptocurrencies showed a greater openness to using CBDCs. This contrast in attitudes underscores the varied perspectives on digital currencies and the challenges faced by central banks in introducing new forms of digital money.
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