- The Bank of Canada wants to hear from Canadians on the features that could be included in a digital Canadian dollar
- The central bank has launched an online public consultation to ask what people think about being able to use the currency offline and to make transactions without a bank account
- The Bank of says a digital currency would be different from cryptocurrencies as it would be backed by the central bank
- The survey is live until June 19th
The Bank of Canada wants to hear from Canadians on the features that could be included in a digital Canadian dollar.
The central bank has launched an online public consultation to ask what people think about a range of design options including being able to use the currency offline, to recover funds lost from theft and to make transactions without a bank account.
The Bank of says a digital currency would be different from cryptocurrencies as it would be backed by the central bank and its value wouldn’t change since it would be just another form of Canadian currency. It added that while it doesn’t see a need for a digital dollar now, it’s preparing for the potential need ahead.
It says a digital currency might be necessary if cryptocurrencies or digital currencies issued by other countries become widely enough used in the country that they start to compromise the role of an official, centrally issued currency.
The Bank of Canada says a digital currency could also be needed if the rise of digital transactions make using cash more difficult and thereby risk excluding many Canadians from taking part in the economy.
The Bank is also seeking opinions about topics related to a digital dollar, such as:
- How people would likely use it
- What security features are important
- What concerns you have about accessibility and privacy
“We want to hear from Canadians about what they value most in the design of a digital dollar. This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians,” said Senior Deputy Governor Carolyn Rogers.
The bank added that “cash isn’t going anywhere,” and said that cash a trusted method of payment that anyone can use, including people who don’t have a bank account, a credit score or official identification documents. The news release pointed out that there may come a time when bank notes are not widely used in day-to-day transactions, which could risk excluding many Canadians from taking part in the economy.
The survey is live until June 19th.
The Bank will publish a report summarizing this consultation later this year.
For the latest updates on the process, visit the Bank of Canada’s website.
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