Canada’s Central Bank Invites Public Feedback On CBDC Plans 14

Canada’s Central Bank Invites Public Feedback On CBDC Plans

  • Canada’s central bank is launching an online public consultation to discuss the features of a potential CBDC
  • The Bank of Canada stated earlier today that it is exploring issuing a digital version of Canada’s national currency. 
  • The central bank clarified that the issuance of CBDCs would not impact the printing of bank notes. 

The Banque du Canada (Bank of Canada) is considering issuing its own central bank digital currency (CBDC) to keep up with the growing adoption of crypto assets around the world. The central bank has invited public feedback to determine the features that could be integrated into a digital Canadian dollar. 

CBDC Issuance Will Have No Impact On Bank Notes

In a press release earlier today, the Bank of Canada announced that it was launching public consultations on a digital Canadian dollar to explore the design and use cases of a potential CBDC. The consultation opened today and will remain open for public participation until June 19, 2023. The central bank revealed that it was exploring a digital version of the country’s national currency, citing the rapidly evolving payments space around the world. 

As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever the future holds.”

Carolyn Rogers, Senior Deputy Governor, Banque du Canada

The Canadian central bank acknowledged the growing adoption of private cryptocurrencies and central bank digital currencies and the possibility that they may become a popular mode of payment in Canada soon. In order to maintain the status quo and avoid compromising the Canadian dollar’s role as the official and centrally issued currency, the Bank of Canada is considering offering a digital alternative to its citizens. 

According to the central bank, a CBDC would ensure that every citizen takes part in the economy. That being said, the Bank of Canada noted the role of banknotes as a safe, accessible, and trusted method of payment. To that end, the bank stated that it would continue offering bank notes to those who prefer them over CBDCs in the future. “Cash isn’t going anywhere,” the central bank added.