OTTAWA (LifeSiteNews) – An overwhelming majority, 86% of Canadians, are opposed to the creation of a national digital dollar and want the government and banks to “leave cash alone,” according to results from a recent Bank of Canada (BOC) survey concerning the creation of a “potential digital Canadian dollar.”
In a press release yesterday, the BOC published the feedback it got concerning the creation of a “potential digital Canadian dollar.” The bank says it has been collecting information since 2020 with “stakeholders in the financial sector and civil society.”
The main findings from the BOC’s survey show that Canadians place a “high value on holding cash that is backed by their central bank and want to maintain access to bank notes.”
“Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right,” the BOC said about another main finding from its report.
The BOC noted that should a digital dollar be created, it “should be easily accessible and should neither add barriers nor worsen existing ones.”
“A digital dollar should not add to financial stability risks,” the BOC said.
The survey, which was open from May 8 to June 19, 2023, received 89,423 responses. A total of 87% of respondents said they were “aware” of talk concerning the creation of a digital dollar.
The survey results come after the BOC in August admitted that the creation of a central bank digital currency (CBDC) is not needed as many people rely on “cash” to pay for things. The bank concluded that the introduction of a digital currency would only be feasible if consumers demanded its release.
Canadians prefer cash as the best payment method, but bank has not fully ruled of digital dollar
Some 93% of the BOC’s survey respondents said that they continue to use cash as a payment form in addition to the use of debit and credit cards. A total of 66% of respondents said that having access to a digital currency was not important.
A total of 88% of respondents said they were not interested in the creation of an additional “offline” payment method such as an offline digital dollar in addition to cash.
While 85% of respondents said they would not use a digital dollar, 12% said they would, with 3% being uncertain.
Of important note is that the BOC has not ruled out the creation of a digital dollar despite the report’s findings.
The BOC said it “aims to ensure that Canadians will continue to have the benefits of money issued by the central bank in an increasingly digitalized world.”
“Whether and when a digital dollar will become needed is uncertain. Ultimately, the decision to go ahead with a digital dollar belongs to Canadians, through their representatives in Parliament,” the BOC said.
As reported by LifeSiteNews in May, the BOC was looking for public feedback on whether such a form of digital currency, which experts have warned could mean an end to purchasing anonymity, would be viable for Canadians.
Overall, the report found that when all answers were combined, the creation of a digital dollar garnered 86% negative feedback.
According to the BOC, a CBDC would have to offer “compelling advantages to motivate these consumers – particularly the typical, well-connected consumers who account for most of the market — to adopt and use CBDC at sufficient scale to generate widespread merchant acceptance.”
Digital currencies have been touted as a way by some government officials to replace traditional cash.
As noted in a report from LifeSiteNews, experts warn that central bank digital currencies are a “control tool” of governments.
Conservative leader Pierre Poilievre promised that if he is elected prime minister, he would stop any implementation of a “digital currency” or a compulsory “digital ID” system.
The BOC at the time said that any final decision on when and if a digital Canadian dollar is issued would be up to the government.