Public consultations by the Bank of Canada on the possible creation of a digital Canadian dollar show that most survey respondents are against it.
The central bank released the results of that voluntary survey on Wednesday, showing that more than 80% of respondents strongly oppose the Bank of Canada “exploring and implementing the ability to issue a digital Canadian dollar.”
The vast majority of respondents (79%) also say they do not trust the Bank of Canada to issue a “secure” digital dollar – one that is resistant to cyberattacks and cannot be stolen or manipulated.
One of the main concerns of respondents was data protection: the survey found that there is low trust in institutions to protect their personal data – be it the central bank, the federal government or financial institutions.
The Bank of Canada also emphasizes that these results do not necessarily reflect the opinion of the general public, as participants answered the questionnaire themselves.
While the public consultations aimed to assess interest in a digital currency in Canada, the Central Bank reminds that the decision to create a digital dollar rests with Parliament.
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