Bank of Canada Seeks Public Comment on National Digital Currency
Although he says "a digital Canadian dollar isn't necessary" right now, he wants to be ready in case it is.
The Bank of Canada wants to know the public's opinion on a potential digital Canadian dollar. Although the country's central bank says a national digital currency is not needed yet, they want to remain flexible and ready should that change.
“As Canada's central bank, we want to ensure that everyone can always participate in our country's economy. It means being prepared for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers in a press release issued today. The bank cites declining cash usage, potential competition with cryptocurrencies, and national economic stability as reasons to prepare for the potential change.
"The Bank has been providing bank notes to Canadians for more than 85 years," its announcement reads. “Cash is a safe, accessible and reliable method of payment that anyone can use, including people who don't have a bank account, credit score or official identification documents. However, there may come a time when bank notes will no longer be widely used in day-to-day transactions, potentially preventing many Canadians from participating in the economy. »
Although cryptocurrency posed less of a threat to traditional financial institutions after last year's epic meltdowns, it was still imminent danger that likely drove this move. If decentralized currencies ever become used enough to reduce demand for the Canadian dollar, it could threaten the ability of the bank (and the government) to assert control over the economy, maintain stability, and implement policies. "A digital Canadian dollar would ensure that Canadians always have an official, secure and stable digital payment option issued by Canada's central bank," the bank said. But he also pointed out that even if he eventually launched a national digital currency, he would still issue banknotes for anyone who wanted them. "The money is going nowhere," he states unequivocally.
The survey is a standard online questionnaire about how Canadians would likely use digital currency, key security features, and concerns about accessibility and privacy. “We want to hear from Canadians what they value most about building a digital dollar. This will help us make design choices and ensure it is safe, reliable and meets the needs of Canadians,” said Rogers. The bank says comments from Canadians "will be anonymous, confidential and only reported in the aggregate."
Although he says "a digital Canadian dollar isn't necessary" right now, he wants to be ready in case it is.
The Bank of Canada wants to know the public's opinion on a potential digital Canadian dollar. Although the country's central bank says a national digital currency is not needed yet, they want to remain flexible and ready should that change.
“As Canada's central bank, we want to ensure that everyone can always participate in our country's economy. It means being prepared for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers in a press release issued today. The bank cites declining cash usage, potential competition with cryptocurrencies, and national economic stability as reasons to prepare for the potential change.
"The Bank has been providing bank notes to Canadians for more than 85 years," its announcement reads. “Cash is a safe, accessible and reliable method of payment that anyone can use, including people who don't have a bank account, credit score or official identification documents. However, there may come a time when bank notes will no longer be widely used in day-to-day transactions, potentially preventing many Canadians from participating in the economy. »
Although cryptocurrency posed less of a threat to traditional financial institutions after last year's epic meltdowns, it was still imminent danger that likely drove this move. If decentralized currencies ever become used enough to reduce demand for the Canadian dollar, it could threaten the ability of the bank (and the government) to assert control over the economy, maintain stability, and implement policies. "A digital Canadian dollar would ensure that Canadians always have an official, secure and stable digital payment option issued by Canada's central bank," the bank said. But he also pointed out that even if he eventually launched a national digital currency, he would still issue banknotes for anyone who wanted them. "The money is going nowhere," he states unequivocally.
The survey is a standard online questionnaire about how Canadians would likely use digital currency, key security features, and concerns about accessibility and privacy. “We want to hear from Canadians what they value most about building a digital dollar. This will help us make design choices and ensure it is safe, reliable and meets the needs of Canadians,” said Rogers. The bank says comments from Canadians "will be anonymous, confidential and only reported in the aggregate."
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