Close X
Tuesday, November 26, 2024
ADVT 
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
  • Respondents to Bank of Canada questionnaire largely oppose creating a digital loonie

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.

 

MORE National ARTICLES

Avian flu at Chilliwack poultry

Avian flu at Chilliwack poultry
Avian flu has been detected in birds at a second commercial poultry operation in Chilliwack. The Canadian Food Inspection Agency says the infection was confirmed yesterday -- four days after another farm was quarantined and its flock was ordered destroyed to halt the spread of the highly infectious illness.

Avian flu at Chilliwack poultry

Rules were followed in alleged Islamophobic incident involving U.K. MP: Air Canada

Rules were followed in alleged Islamophobic incident involving U.K. MP: Air Canada
Air Canada says its staff followed procedure when it delayed a British MP for extra questions in what has been described as an Islamophobic incident during a recent diplomatic trip to Canada. Mohammad Yasin was pulled aside for questioning at London’s Heathrow Airport while other lawmakers he was travelling with were allowed through, and was stopped again at airports in Montreal and Toronto.

Rules were followed in alleged Islamophobic incident involving U.K. MP: Air Canada

Food Banks Canada report paints dire picture of Canada-wide affordability crisis

Food Banks Canada report paints dire picture of Canada-wide affordability crisis
There are many heartbreaking tales behind the record number of Canadians using food banks as they struggle with high inflation and mounting housing costs, says a Vancouver food bank executive. More and more people are accessing its services each year, and with greater frequency than in the past, Boulter said, as low wages and high rents squeeze people between inflation and other rising costs.  

Food Banks Canada report paints dire picture of Canada-wide affordability crisis

B.C. moves up zero-emission vehicle target, with 100-per-cent sales goal by 2035

B.C. moves up zero-emission vehicle target, with 100-per-cent sales goal by 2035
The British Columbia government is taking steps to accelerate the transition to zero-emission vehicles to meet its 100-per-cent sales target five years sooner than initially planned. If passed, the legislation to amend the Zero-Emission Vehicles Act would increase access and choice for electric vehicle buyers, as new provincial funding expands the charging network, a statement from the Energy Ministry said.

B.C. moves up zero-emission vehicle target, with 100-per-cent sales goal by 2035

More than half of B.C. businesses in survey reported cyberattacks in past year

More than half of B.C. businesses in survey reported cyberattacks in past year
Global accounting firm KPMG says cybercrime is a growing issue in Metro Vancouver and on Vancouver Island. The firm says a survey of 700 Canadian businesses conducted last month revealed that more than half of those in Vancouver and on the island had been hit by cyberattacks in the last year.

More than half of B.C. businesses in survey reported cyberattacks in past year

B.C. helicopter lands safely after being hit by lightning, Helijet says

B.C. helicopter lands safely after being hit by lightning, Helijet says
A commercial helicopter with 14 people on board landed safely in Victoria on Tuesday after it was hit by lightning. Rick Hill, the vice-president of Helijet, said the aircraft was at about 1,200 metres when it was hit by lightning, the two pilots on board took the chopper down to below the clouds and then landed without trouble in Victoria a few minutes later. 

B.C. helicopter lands safely after being hit by lightning, Helijet says