Published on 08/05/2023 at 16:19
The Bank of Canada says that while it sees no need for a digital dollar right now, it is preparing for the potential need. (Photo: The Canadian Press)
Ottawa – The Bank of Canada says it wants to hear from Canadians what qualities a potential digital Canadian dollar should have.
In an online poll running through June 19, the central bank is asking Canada’s public what they think about a range of policy options, including the ability to use the currency offline, retrieve funds lost through theft and conduct bankless transactions .
A digital currency would differ from cryptocurrencies as it would be backed by the central bank and its value would not change as it would be just another form of Canadian currency.
The Bank of Canada says that while it sees no need for a digital dollar right now, it is preparing for the potential need.
She explains that if cryptocurrencies or digital currencies issued by other countries become so widely used domestically that they begin to undermine the role of an official, centrally-issued currency, a digital currency could be needed.
The Bank of Canada believes that a digital currency may be necessary even as the rise of digital transactions makes it more difficult to use money, threatening many Canadians with being unable to participate in the economy.
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