What we heard: Bank of Canada publishes report on digital dollar consultations, outlines further engagement plans
The Bank of Canada today published a report summarizing the feedback it has received to date about a potential digital Canadian dollar.
Since 2020, the Bank has engaged widely with Canadians, as well as with stakeholders in the financial sector and civil society.
The feedback the Bank received indicates that:
- Canadians place a high value on holding cash that is backed by their central bank and want to maintain access to bank notes.
- Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right.
- A digital dollar should be easily accessible and should neither add barriers nor worsen existing ones.
- A digital dollar should not add to financial stability risks.
Through its work on a digital Canadian dollar, the Bank aims to ensure that Canadians will continue to have the benefits of money issued by the central bank in an increasingly digitalized world. Whether and when a digital dollar will become needed is uncertain. Ultimately, the decision to go ahead with a digital dollar belongs to Canadians, through their representatives in Parliament.
The Bank will continue to engage with stakeholders on the key issues and features that matter most to Canadians, such as privacy, accessibility and inclusion, security and technology, financial stability and the design of a business ecosystem. Canadians will have more opportunities to provide input on a potential digital Canadian dollar.
“Our responsibility is to ensure the Canadian payments system is ready for the economy of the future,” said Senior Deputy Governor Carolyn Rogers. “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.”
The full report summarizing the Bank’s engagement activities and responses from the public and stakeholders can be found on the website.