National

Respondents to Bank of Canada questionnaire largely oppose creating a digital loonie

Darpan News Desk The Canadian Press, 29 Nov, 2023 11:24 AM

The Bank of Canada’s public consultations on the creation of a digital Canadian dollar reveal most respondents are opposed to it.

The central bank released its findings Wednesday that show more than 80 per cent of respondents strongly opposed the Bank of Canada researching and building the capability to issue a digital dollar.

The vast majority of respondents also said they do not trust the Bank of Canada to issue a secure digital currency.

Among the top concerns was privacy, while the questionnaire also revealed low levels of trust in institutions to protect personal data.

The Bank of Canada noted the findings do not necessarily reflect the views of the overall public because participants self-selected to respond to the questionnaire.

As more people go cashless, central banks around the world are researching the possibility of creating digital currencies.

A digital currency would be different from cryptocurrencies because it would be backed by the central bank and its value wouldn't change since it would be just another form of existing Canadian currency.

In 2020, the Bank of Canada announced that it would build a contingency plan for the creation of a digital currency, should the need for it ever arise.

While the public consultations aimed to gauge interest in a digital currency, the central bank said the decision to create a digital dollar is for Parliament to make.

"Our responsibility is to ensure the Canadian payments system is ready for the economy of the future," Bank of Canada senior deputy governor Carolyn Rogers said in a statement.

"The way people pay for things and use money is changing. If Canadians decide a digital dollar is necessary, our obligation is to be ready."

Conservative Leader Pierre Poilievre has vehemently opposed the creation of a digital currency, proposing last year to ban the Bank of Canada from creating one.

At the same time, he has previously promoted the use of cryptocurrencies and suggested it offered Canadians a way to opt out of inflation, though he has shifted away from the topic more recently.

The central bank also sought out the thoughts of other stakeholders on the creation of a digital currency, including the financial sector and civil society organizations.

Financial sector stakeholders said they wanted more information on how a digital currency would work to better understand the implications for their business models.

The Bank of Canada's engagement with civil society groups that advocate for Canadians with disabilities, consumers and low-income Canadians found these groups mainly supported a digital currency if its design would remove existing barriers.

Prev Next

MORE National ARTICLES

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years. The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Federal prediction says parts of Canada could see wildfires through winter

The latest federal government forecast says Canada's already unprecedented 2023 wildfire season could continue late into the fall or winter. Energy and Natural Resources Minister Jonathan Wilkinson says there is potential for increased wildland fire activity from eastern Alberta through to central Ontario at least until the end of this month, while fires in B.C. and the Northwest Territories will continue to smoulder.

Federal prediction says parts of Canada could see wildfires through winter

Derelict boats removal in Surrey

The City of Surrey says it will be removing derelict boats from the Nicomekl River this month. The city says boats have been illegally mooring on a narrow section of the river, dumping raw sewage and garbage into the water, and creating hazards for other boaters.

Derelict boats removal in Surrey

Police return emotional support rabbit that ran loose in Vancouver SkyTrain station

A rabbit that hopped the tracks at a downtown Vancouver transit station was reunited with its owner after efforts by passengers and police. Metro Vancouver Transit Police say the bunny was running loose last Thursday at the Granville SkyTrain station when a passenger picked it up and handed it to officers patrolling the underground stop.

Police return emotional support rabbit that ran loose in Vancouver SkyTrain station

Private donation helps attract teachers to rural B.C. with $10,000 cash welcome gifts

A rural school district in the British Columbia Interior has filled a shortfall of teachers with help from an anonymous benefactor who donated $200,000 to welcome new educators. At a time when schools across the province are struggling with staff recruitment and retention, the Gold Trail School District offered $10,000 incentives to attract new teachers, and $15,000 for those who agreed to move to the small town of Lytton which was devastated by fire two years ago.

Private donation helps attract teachers to rural B.C. with $10,000 cash welcome gifts

'There's no one to fill his shoes': Journalist and author Peter C. Newman dies at 94

Veteran journalist and author Peter C. Newman, who held a mirror up to Canada, has died at the age of 94. He died in hospital in Belleville, Ont., Thursday morning from complications related to a stroke he had last year, which caused him to develop Parkinson's disease, his wife Alvy Newman said by phone.