David Edwards
A recent public consultation regarding Canada’s central bank digital currency (CBDC) initiative has revealed that Canadians generally have a negative outlook on it, which aligns with the concerns expressed by the Bank of Canada about its nationwide adoption.
The Canadian central bank initiated the ‘digital Canadian dollar public consultation’ with the aim of finding a role for CBDCs in a digital payment landscape dominated by methods like credit cards. However, after collecting 89,423 responses in a survey, it became evident that Canadians are calling for regulations that would make it mandatory for businesses to accept physical cash as a valid payment method.
According to the Bank of Canada’s report, nearly 95% of respondents had either heard of or were familiar with the concept of a digital Canadian dollar. While awareness is considered a crucial factor for widespread adoption, it appears that this metric doesn’t translate into acceptance in Canada.
The report also highlights that 93% of respondents still make daily payments using paper cash, alongside credit cards, debit cards, and various online payment methods. Additionally, only 15% of the respondents indicated that they held Bitcoin (BTC) or other cryptocurrencies.
Most of the survey participants advised the Bank of Canada to halt its research and development efforts concerning the digital Canadian dollar. However, there is a prevailing belief among the public that their feedback will not be taken into account in the CBDC initiative.
Interestingly, nearly all respondents expressed a preference for sticking with their current payment methods rather than switching to CBDC. Surprisingly, those who were aware of CBDCs were less inclined to adopt the technology compared to those who were unfamiliar with it.
Furthermore, the minority of respondents who had previous experience with cryptocurrencies displayed more interest in using CBDCs as an alternative payment method.
