Majority of Canadians Open to Using CBDC, Bank of Canada Examines Possibilities
• A survey by WealthRocket found that 59% of Canadians are open to using a central bank digital currency (CBDC).
• 56% of Canadians have concerns about the potential fraud, lack of anonymity, and cyber attacks associated with a CBDC.
• The Bank of Canada conducted a public consultation on CBDCs from April to June and is exploring different possibilities for introducing one in the future.
Majority of Canadians Open to Using CBDC
A survey by WealthRocket has revealed that nearly 60% of surveyed Canadians say they are open to using a central bank digital currency (CBDC). This is despite the potential risks associated with such an asset; 56% of respondents expressed concern about fraud, cyberattacks, misuse of personal data, and lack of anonymity.
Bank Of Canada Examining Possibilities For CBDC
The Bank Of Canada has stated that it does not have any current plans to introduce a CBDC but is making necessary preparations in case its parliament requests it in the future. To better understand how citizens would use such an asset, the central bank conducted a public consultation from April to June. Through this process, people were asked about their payment habits and how they would utilize a CBDC as well as their level trust in government and institutions when it comes to safeguarding data privacy.
G20 Countries Also Exploring Potential Of CBDCs
At least 130 countries around the world are currently exploring the potential benefits of creating their own form of CBDCs. 19 out 20 G20 countries already have CBDC programs in early development according to recent reports.
Survey Findings Show Positive Reception Toward CBCD
The findings from the Canadian survey demonstrate that there is strong receptivity among citizens towards utilizing CBCDs if available. 51% reported being somewhat confident in the Bank Of Canada’s ability to safeguard their privacy if introduced while 25% were not confident at all.
Conclusion
The results from this survey clearly show that there is strong interest among Canadian citizens towards utilizing CBCDs if offered by their government in the future. The Bank Of Canada will continue analyzing feedback gathered during its consultation period while other countries around the world also explore CBCDs for potential implementation into their economies moving forward.
