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Digital Canadian dollar fails to impress despite high awareness

Published 11/30/2023, 02:40 AM
Updated 11/30/2023, 04:20 AM
CAD/USD
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A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption.

Through the “Digital Canadian Dollar Public Consultation Report,” the Canadian central bank intended to identify a place for CBDCs in a world dominated by digital fiat payments and credit cards. However, in a survey that amassed 89,423 responses, Canadians demanded regulations requiring merchants to accept cash as payment.

Awareness of a digital Canadian dollar. Source: bankofcanada.ca
Canadians demand regulation for cash acceptance if CBDCs were to be introduced. Source: bankofcanada.ca
The survey asked if Canadians would prefer using a digital Canadian dollar instead of current payment methods. Source: bankofcanada.ca

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