Canadians Display Resistance to Central Bank Digital Currency, Survey Reveals
Summary:
A public consultation conducted on Canada's Central Bank Digital Currency (CBDC) initiative revealed that Canadians have major reservations about the nationwide introduction of a digital Canadian dollar. Despite most respondents being aware of the concept of a digital dollar, the majority still preferred existing payment methods over CBDC and called for regulatory action to ensure cash acceptance by merchants. A small percentage of respondents, who previously held cryptocurrencies, showed more interest in using CBDCs.
Results from a recent public opinion poll about the Central Bank Digital Currency (CBDC) in Canada indicate a broadly negative view from the Canadian populace, affirming Bank of Canada's apprehensions about its nationwide acceptance. The Bank of Canada sought to carve out a niche for CBDCs in an arena currently ruled by digital fiat transactions like credit cards, via this 'Digital Canadian Dollar Public Consultation'. Yet, the survey gathered 89,423 responses, with people calling for regulations that obligated vendors to accept cash payments. The Bank of Canada's data suggests that almost 95% of respondents were either already aware of or acquainted with the idea of a digital Canadian dollar. Despite awareness being a critical determinant of mass acceptance, this doesn’t seem to be the case in Canada.
Canadian citizens want a mandate for the acceptance of cash, should CBDCs be introduced. Annually, 93% of respondents primarily use hard cash for transactions but also use credit and debit cards along with other forms of digital payments. Moreover, a mere 15% of participants owned Bitcoin (BTC) or any other cryptocurrencies. Most emphasized that the Bank of Canada should abandon their research and development efforts towards the establishment of a digital Canadian dollar. Nevertheless, they are skeptical that their opinions will be taken into account during the CBDC initiative.
Almost every participant favored the existing payment methods over CBDC. Astonishingly, those who were aware of CBDCs seemed to be more reluctant about embracing this technology compared to those who weren't. Moreover, the small fraction of respondents who had earlier invested in cryptocurrencies exhibited greater interest in using CBDCs.
Published At
11/30/2023 7:40:52 AM
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