Close X
Thursday, November 14, 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

Five youth, one adult taken to hospitals after school bus rolls over north of Calgary

Five youth, one adult taken to hospitals after school bus rolls over north of Calgary
Six people have been transported to hospital after a collision involving a school bus in central Alberta. An RCMP officer from Didsbury, about 82 kilometres north of Calgary, came across the school bus rollover on Highway 2A at Township Road 320, police said Monday. 

Five youth, one adult taken to hospitals after school bus rolls over north of Calgary

B.C. to remove barriers for internationally trained professionals: premier

B.C. to remove barriers for internationally trained professionals: premier
The British Columbia government has introduced legislation that is expected to add skilled workers into the labour force more quickly by reducing barriers for internationally trained professionals. Premier David Eby says B.C. cannot leave people with skills and experience on the sidelines, given labour shortages the province is facing now and in the coming years.

B.C. to remove barriers for internationally trained professionals: premier

IRCC hopes India visa operations will return to normal by early 2024: Report

IRCC hopes India visa operations will return to normal by early 2024: Report
Canada's top immigration body said that it expects Indian visa processing, set to be impacted due to recent withdrawal of diplomats, to return to normal by early 2024. According to senior officials at Immigration, Refugees and Citizenship Canada (IRCC), the reduction of staff in India is expected to create a backlog of 17,500 'final decisions' across the country's global immigration system over the next two months.

IRCC hopes India visa operations will return to normal by early 2024: Report

India's 'muscular' foreign policy is essentially for domestic consumption: Ex-Canadian Minister Ujjal Dosanjh

India's 'muscular' foreign policy is essentially for domestic consumption: Ex-Canadian Minister Ujjal Dosanjh
Calling for immediate de-escalation in strained diplomatic relations between India and Canada, Ujjal Dosanjh, former premier of British Columbia and erstwhile Canadian Minister of Health, stressed that India's "muscular" foreign policy is essentially for domestic consumption and not granting visas to Canadian citizens hurts ordinary Indo-Canadians.  

India's 'muscular' foreign policy is essentially for domestic consumption: Ex-Canadian Minister Ujjal Dosanjh

Canadians struggling with monthly mortgage

Canadians struggling with monthly mortgage
An Angus Reid poll suggests 15 per cent of Canadians are struggling with their monthly mortgage payments. That's up from eight per cent in March and 11 per cent in June.  

Canadians struggling with monthly mortgage

Canadian in Gaza says Israeli air strikes now relentless ahead of ground invasion

Canadian in Gaza says Israeli air strikes now relentless ahead of ground invasion
A Canadian man in Gaza says Israeli airstrikes that were previously heard roughly every hour can now be heard every few minutes as the Israel-Hamas war escalates. The sounds of explosions can be heard in the background as Shouman says he narrowly escaped an airstrike near the southern Gaza hospital complex where he has been taking shelter.

Canadian in Gaza says Israeli air strikes now relentless ahead of ground invasion