Bank of Canada asks for public feedback on creation of ‘digital dollar’
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‘People tend to use cash less often these days: Most payments are already digital, such as using debit or credit cards. If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions, which could exclude many Canadians from the economy,’ the bank said.
(LifeSiteNews) – The Bank of Canada is looking at creating a “digital Canadian dollar” and wants public feedback on whether such a form of currency, which experts have warned could mean an end to purchasing anonymity, would be viable for Canadians.
“A digital Canadian dollar issued by the Bank would have to be designed to serve Canadians’ needs. That’s why the Bank is holding this online consultation: to understand which features are most important to Canadians,” the bank said in a press release yesterday.
“The Bank is also seeking opinions about topics related to a digital dollar.”
According to the bank, the creation of a digital dollar would not replace cash as a form of payment but could be needed if places stop accepting cash as a form of “payment.”
“People tend to use cash less often these days: Most payments are already digital, such as using debit or credit cards. If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions, which could exclude many Canadians from the economy,” the bank said.
The bank said that any final decision on when and if a digital Canadian dollar is issued would be up to the government.
“Ultimately, Parliament and the Government of Canada will determine if or when to issue a digital Canadian dollar,” the bank said.
The bank also claims that 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,” said the bank, adding that “there may come a time when bank notes are not widely used in day-to-day transactions, which could risk excluding many Canadians from taking part in the economy.”
Some Canadian public institutions have already signaled that they want Canadians to use an electronic online form of payment only.