Bank of Canada Announces Consultations for a Potential Canadian Digital Dollar (Until Jun 19)

Bank of Canada | Release | May 8, 2023

Join the Conversation: Bank of Canada Seeks Public Input on Potential Features of Digital Canadian Dollar

• The Bank of Canada is seeking to design a digital Canadian dollar that caters to the needs of Canadians. To achieve this, the Bank is conducting an online consultation to gather input from the public. The Bank is particularly interested in understanding which features are most important to Canadians, including their opinions on related topics such as the usage of the digital currency, necessary security features, and concerns related to accessibility and privacy.
  • how people would likely use it
  • what security features are important
  • what concerns you have about accessibility and privacy

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• While the Bank of Canada plans to continue providing bank notes for those who prefer them, it's possible that bank notes may become less common in day-to-day transactions in the future.
  • This could potentially exclude some Canadians from participating in the economy.
  • Additionally, the widespread use of private cryptocurrencies or central bank digital currencies issued by other countries could threaten the stability of Canada's financial system and the role of the Canadian dollar.
  • To counteract these potential issues, the Bank is exploring the possibility of issuing a digital Canadian dollar, which would offer Canadians an official, secure, and stable digital payment option.
• If a digital Canadian dollar is issued in the future, the Bank will continue to provide bank notes for those who want them. Cash isn’t going anywhere.  At this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada.
• The Bank plans to release a report summarizing the results of the ongoing consultation later this year.
• The following link to the consultation page can be embedded in your stories: https://bit.ly/429uV0M.

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• For more information on the Bank of Canada’s work on a digital Canadian dollar, see https://www.bankofcanada.ca/digitaldollar/.
• The public consultation will be accessible on the Bank’s website until June 19, 2023, at 23:59 Pacific time.

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