The Bank of Canada today released a report summarizing the feedback it has received so far on a possible digital Canadian dollar.

Since 2020, the Bank has been working extensively with the Canadian public, as well as with stakeholders from the financial sector and civil society.

This is what comes out:

• It is very important to the Canadian population to have access to money guaranteed by their central bank and they want to continue to have access to banknotes.
• Canadians value their right to privacy and many have expressed concerns that the introduction of a digital dollar could jeopardize that right.
• The digital dollar should be easily accessible and not create barriers or reinforce existing ones.
• The digital dollar is not expected to increase risks to financial stability.

With its work, the bank aims to ensure that the entire population continues to benefit from a currency issued by the central bank in an increasingly digital world. It remains to be seen If And When Canada needs a digital version of the Canadian dollar. Ultimately, it is the people – through their representatives in Parliament – ​​who decide whether to enact one.

The Bank will continue to engage with stakeholders on the issues and characteristics that matter most to people, including privacy, accessibility and inclusion, security and technology, financial stability and the design of an operational ecosystem. The public will also have other opportunities to express their views.

“Our responsibility is to ensure Canada’s payments system is ready for the economy of the future,” said Deputy Governor Carolyn Rogers. People don’t use money like they used to. If they decide that a digital version of the Canadian dollar is needed, we are obligated to be ready to provide it. »

The full report on the Bank’s consultation activities, as well as comments from the public and stakeholders, can be found on the institution’s website.