A recent public consultation conducted by the Bank of Canada on the country’s central bank digital currency (CBDC) initiative has revealed a negative sentiment among Canadians. The consultation aimed to explore the role of CBDCs in a digital payment landscape dominated by credit cards. However, the survey, which received 89,423 responses, showed that Canadians are demanding regulations that would require merchants to accept cash as a form of payment. The Bank of Canada’s report indicates that almost 95% of respondents were aware of the concept of a digital Canadian dollar. However, despite this awareness, the adoption of CBDCs in Canada does not seem promising. The majority of respondents (93%) still primarily make paper cash payments on a daily basis, although they also use credit and debit cards as well as other online payment methods. Furthermore, only 15% of respondents reported holding Bitcoin and other cryptocurrencies.Interestingly, most respondents advised the Bank of Canada to halt its research and development efforts on the digital Canadian dollar. They expressed a preference for using existing forms of payment over CBDCs. It is worth noting that those who were aware of CBDCs were actually more reluctant to adopt the technology compared to those who were unfamiliar with it.However, a small group of respondents who had previous experience with cryptocurrencies showed more interest in using CBDCs. Despite this, the public does not believe that their feedback will be taken into consideration for the CBDC initiative.In conclusion, the public consultation on Canada’s CBDC initiative has revealed a negative sentiment among Canadians, with a strong preference for existing forms of payment over CBDCs. The survey results suggest that widespread adoption of CBDCs in Canada may face significant challenges.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇨🇦 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Bank of Canada |
| Currencies | Bitcoin, Canadian Dollar |
| Securities | None |
