Westward Independent

Canadians Say They Won’t Use Digital Currency

by Westward Independent
0 comment


The concept of a Central Bank Digital Currency (CBDC), often referred to as GovCoin, has been met with skepticism and reluctance in Canada, as evidenced by the Bank of Canada’s recent report. Despite the claimed ‘potential benefits’ of a digital currency, 85% of Canadians expressed their unwillingness to adopt it, according to the survey conducted by the central bank.

A CBDC represents a digital version of traditional fiat currency, endorsed and overseen by a nation’s central bank. In the Canadian context, this digital dollar would function similarly to physical cash, but with the added capability of online transactions and electronic transfers. Theoretically, the use of a CBDC could streamline financial transactions.
The Bank of Canada’s public consultation survey, encompassing 89,423 participants, revealed a significant resistance to the adoption of a digital Canadian dollar. A staggering 85% of respondents outright stated that they would not use a CBDC, while only 12% expressed potential interest, and 3% remained undecided. Additionally, when asked if there were circumstances where respondents would prefer a digital Canadian dollar over their current payment methods, an overwhelming 92% responded negatively.

But will the Federal government listen to the people or advisors such as Kathy Macdonald, M.O.M., MSc., who is a retired police officer with over three decades of investigative and crime prevention experience? She is the author of Cybercrime: Awareness, Prevention, and Response and a member of the Order of Merit of the Police Forces. She was named one of the Top 20 Women in Cyber Security in Canada. Kathy stated : “The CBDC’s traceability could drive cybercrime deeper into the digital world and further complicate the work of law enforcement. As with any major societal disruption—which the introduction of a new digital currency would be—spear phishing, ransomware and social engineering attacks would ensue. The CBDC could also become a potential target for state-sponsored cybercriminals who want to paralyze Canada’s financial infrastructure. Canadians should not assume their information would remain anonymous with a digital dollar. Lastly, a digital dollar would only be available in electronic form, and therefore not considered physical property like cash or gold. This raises the question: Who owns it? If it is by the Bank of Canada and not by the user, the power to restrict or curtail transactions could be taken out of Canadians’ hands. This change in property rights could lead to societal chaos, unrest and confusion—an environment in which cybercriminals thrive.”

The Bank of Canada’s recent report indicates a clear lack of public enthusiasm. Canadians appear reluctant to embrace a digital dollar, expressing concerns about the impact on traditional payment methods, the potential for increased cybercrime, and uncertainties surrounding ownership and control. As the federal government contemplates the future of digital currency, it remains to be seen whether it will heed the voices of the people or proceed with its vision for a digital financial landscape.
By Staff

You may also like

Leave a Comment

As a dedicated grassroots newspaper, we unearth exclusive valley stories and events that remain hidden elsewhere. With passion and fearlessness, we expose what happens behind closed doors, giving you a sneak peek into the heart of our community. Experience the pulse of our valley like never before. Welcome to a newspaper that punches above its weight, where local voices come alive with every turn of the page.

©2024 All rights reserved. Designed and Developed by WWIND.