Digital loonie? Bank of Canada survey results find most opposed
The Bank of Canada’s public consultations on the creation of a digital Canadian dollar reveal most respondents are opposed to it.
The central bank released its findings Wednesday that show more than 80 per cent of respondents strongly opposed the Bank of Canada researching and building the capability to issue a digital dollar.
The vast majority of respondents also said they do not trust the Bank of Canada to issue a secure digital currency.
Among the top concerns was privacy, while the questionnaire also revealed low levels of trust in institutions to protect personal data.
The Bank of Canada noted the findings do not necessarily reflect the views of the overall public because participants self-selected to respond to the questionnaire.
As more people go cashless, central banks around the world are researching the possibility of creating digital currencies.
A digital currency would be different from cryptocurrencies because it would be backed by the central bank and its value wouldn’t change since it would be just another form of existing Canadian currency.
In 2020, the Bank of Canada announced that it would build a contingency plan for the creation of a digital currency, should the need for it ever arise.
While the public consultations aimed to gauge interest in a digital currency, the central bank said the decision to create a digital dollar is for Parliament to make.
“Our responsibility is to ensure the Canadian payments system is ready for the economy of the future,” Bank of Canada senior deputy governor Carolyn Rogers said in a statement.
“The way people pay for things and use money is changing. If Canadians decide a digital dollar is necessary, our obligation is to be ready.”
Conservative Leader Pierre Poilievre has
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