Canadians are being asked what features they wish to see in a digital Canadian dollar indeed though there are no plans yet to publish one.
Canadians are being asked to submit what features they require to be included in a potential digital Canadian dollar, with the country’s central bank opening a discussion to the public.
On May 8, the Bank of Canada (BoC) launched a public discussion that will run until June 19, noting it’s researching a virtual loonie as “ the world becomes increasingly digital. ”
The BoC’s senior deputy governor Carolyn Rogers spoke in a statement the bank wants to hear what Canadians are “ worth most in the design of a digital dollar ” to help it make choices relating to its security and reliability along with ensuring it “ meets the requirements of Canadians. ”
The bank was quick to state that it's not starting work on a central bank digital currency (CBDC) and wasn’t appearing to replace cash if it does.
“At this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada.”
“ Cash isn’t going anywhere, ” the BoC added. It spoke, still, that numerous Canadians could be excluded from the economy in the future if the usage of banknotes falls.
If a CBDC was published, still, physical notes would quite be delivered “ for those who want them ” the bank spoke.
The BoC similarly outlined the possibility that cryptocurrencies or foreign CBDCs “ could come widely utilized in Canada. ”
It claimed this scenario could compromise the Canadian dollar and “ pose a threat to the stability of our financial system. ”
Related: Retail CBDCs bring unknown ‘consequences’ to the financial system — IMF director
The discussion’s questionnaire asks Canadians a wide range of questions including the payment methods they’ve utilized in the last month, how frequently they would potentially utilize a Canadian CBDC, and what design features they wish to see.
It similarly especially asks if the survey taker uses or holds cryptocurrencies and features a range of demographic questions about gender, age, education & income.
The BoC told it'll issue a report summarizing the discussion “ later this year. ”
(JESSE COGHLAN, Cointelegraph, 2023)