The Bank of Canada (BOC) said government-issued digital currency is unnecessary and would only be feasible if most Canadians asked for it, according to Blacklock’s Reporter. .“As a practical matter achieving wide adoption, acceptance and use of a central bank digital currency could be challenging because most Canadians have access to several methods of payment,” said the BOC in a report. .“Overcoming such barriers could require significant and sustained investment by the central bank.”.The BOC said people would have to “drive its use.”.It estimated about 13% of Canadians have owned Bitcoin, adding ownership and use of other cryptocurrency for payments is less significant. .Another 14% of Canadians have abandoned cash purchases. About half of people carry some cash as a precaution. .Almost all of them owned a bank account and debit card, and 87% have at least one credit card. Most have two credit cards. .The BOC acknowledged a significant number of Canadians “dislike using technology and are therefore reluctant to make payments online.” It estimated 11% of people with internet access refuse to bank online, and 16% do not shop online. .It said all factors combined to thwart any uptake of government-issued digital currency as unnecessary or unwanted. Most of them do not experience gaps in their access to a range of payment methods, and this would probably continue to be the case in a cashless environment. .For a central bank digital currency to address unmet payment needs, the BOC said the main consumer groups who have access to a range of options would have to adopt it and use it at scale. .“This is necessary to encourage widespread merchant acceptance,” it said. .Conservative leader Pierre Poilievre said in 2022 his government would scrap the BOC’s proposed central bank digital currency and audit its $400 billion quantitative easing program to find out why it missed the mark on inflation..READ MORE: Poilievre would audit Bank of Canada, ban Central Bank Digital Currencies.“Justin Trudeau has threatened the Bank of Canada’s independence with a half-trillion dollars of deficits that required the central bank to print money and cause inflation,” said Poilievre. .“I will end it, by restoring central bank independence, mandating an independent audit of all the money printing, and stopping the risky central bank digital currency.”
The Bank of Canada (BOC) said government-issued digital currency is unnecessary and would only be feasible if most Canadians asked for it, according to Blacklock’s Reporter. .“As a practical matter achieving wide adoption, acceptance and use of a central bank digital currency could be challenging because most Canadians have access to several methods of payment,” said the BOC in a report. .“Overcoming such barriers could require significant and sustained investment by the central bank.”.The BOC said people would have to “drive its use.”.It estimated about 13% of Canadians have owned Bitcoin, adding ownership and use of other cryptocurrency for payments is less significant. .Another 14% of Canadians have abandoned cash purchases. About half of people carry some cash as a precaution. .Almost all of them owned a bank account and debit card, and 87% have at least one credit card. Most have two credit cards. .The BOC acknowledged a significant number of Canadians “dislike using technology and are therefore reluctant to make payments online.” It estimated 11% of people with internet access refuse to bank online, and 16% do not shop online. .It said all factors combined to thwart any uptake of government-issued digital currency as unnecessary or unwanted. Most of them do not experience gaps in their access to a range of payment methods, and this would probably continue to be the case in a cashless environment. .For a central bank digital currency to address unmet payment needs, the BOC said the main consumer groups who have access to a range of options would have to adopt it and use it at scale. .“This is necessary to encourage widespread merchant acceptance,” it said. .Conservative leader Pierre Poilievre said in 2022 his government would scrap the BOC’s proposed central bank digital currency and audit its $400 billion quantitative easing program to find out why it missed the mark on inflation..READ MORE: Poilievre would audit Bank of Canada, ban Central Bank Digital Currencies.“Justin Trudeau has threatened the Bank of Canada’s independence with a half-trillion dollars of deficits that required the central bank to print money and cause inflation,” said Poilievre. .“I will end it, by restoring central bank independence, mandating an independent audit of all the money printing, and stopping the risky central bank digital currency.”
