A new report from the Bank of Canada evaluates Canadians' perspectives on a potential digital version of the Canadian dollar. The feedback provided by Canadians and other stakeholders indicates a greater number of concerns than excitement about the idea.
The Bank of Canada has actively sought feedback from Canadians multiple times over the past three years, according to its press release. The report details this feedback but summarizes it in the release, suggesting that Canadians are not prepared for a shift away from central bank-backed notes. Additionally, there is worry that a digital dollar might compromise their right to privacy. If a digital dollar is introduced, Canadians would prefer it to be easily accessible — not introducing new obstacles or exacerbating existing ones. Furthermore, they do not wish for a digital dollar to escalate financial stability risks.
The bank collected feedback through dialogues with financial sector members, focus groups, discussions with civil society groups, and an online survey open to all Canadians as stated in the Bank of Canada's report.
As per the Bank of Canada press release, the bank will maintain communication with Canadians offering further opportunities to participate in ongoing discussions and provide feedback that may shape future development of a digital dollar.
Senior Deputy Governor Carolyn Rogers emphasized in the release that "Our responsibility is to ensure the Canadian payments system is ready for the economy of the future. 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."