Forex News

Bank of Canada faces strong opposition in digital dollar consultations

2023.11.29 15:00


© Reuters

CANADA – The Bank of Canada’s recent consultations on the potential introduction of a digital Canadian dollar have unveiled significant resistance from the public, with more than 80% of participants expressing opposition due to concerns over security and privacy. The findings, disclosed today, highlight deep-seated worries about the protection of personal information and the trustworthiness of institutions in managing such a currency.

The central bank conducted these consultations to measure interest in a digital currency and to understand the public’s concerns. The survey participants, who were self-selected, voiced that privacy and trust are paramount issues that need to be addressed. While this feedback suggests a strong sentiment against the digital dollar, the Bank of Canada has noted that the views expressed may not be fully representative of the national opinion due to self-selection bias among respondents.

Despite the overwhelming resistance observed in the survey, the ultimate decision on whether to pursue the research and implementation of a digital dollar rests with the Canadian Parliament. The Bank of Canada has reiterated that it is Parliament’s prerogative to authorize the creation of a digital currency, indicating that the future of this initiative is still uncertain.

The bank’s findings come at a time when many countries are exploring the possibilities of digital currencies and their implications for privacy, security, and financial stability. The debate in Canada reflects a broader global conversation about the role and design of digital money in an increasingly online world.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,083.48 0.96%
ethereum
Ethereum (ETH) $ 3,435.56 3.99%
tether
Tether (USDT) $ 0.99745 0.17%
solana
Solana (SOL) $ 240.00 2.36%
bnb
BNB (BNB) $ 639.64 0.90%
xrp
XRP (XRP) $ 1.43 7.74%
dogecoin
Dogecoin (DOGE) $ 0.406072 1.04%
usd-coin
USDC (USDC) $ 0.997006 0.24%
cardano
Cardano (ADA) $ 0.987437 2.48%
staked-ether
Lido Staked Ether (STETH) $ 3,434.21 3.88%
avalanche-2
Avalanche (AVAX) $ 42.26 7.98%
tron
TRON (TRX) $ 0.197783 2.90%
the-open-network
Toncoin (TON) $ 6.06 0.07%
stellar
Stellar (XLM) $ 0.509861 8.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 3.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,082.63 4.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,071.47 0.82%
polkadot
Polkadot (DOT) $ 8.38 0.42%
chainlink
Chainlink (LINK) $ 17.97 8.66%
weth
WETH (WETH) $ 3,446.30 4.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 501.97 0.34%
sui
Sui (SUI) $ 3.20 2.32%
pepe
Pepe (PEPE) $ 0.000019 1.56%
near
NEAR Protocol (NEAR) $ 6.58 4.19%
leo-token
LEO Token (LEO) $ 8.24 3.70%
litecoin
Litecoin (LTC) $ 94.03 0.61%
uniswap
Uniswap (UNI) $ 11.63 12.95%
aptos
Aptos (APT) $ 12.12 3.18%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,641.67 4.68%
internet-computer
Internet Computer (ICP) $ 11.69 10.76%
usds
USDS (USDS) $ 1.01 0.57%
hedera-hashgraph
Hedera (HBAR) $ 0.136084 2.57%
crypto-com-chain
Cronos (CRO) $ 0.182662 0.25%
ethereum-classic
Ethereum Classic (ETC) $ 30.62 11.21%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567985 6.87%
render-token
Render (RENDER) $ 7.71 4.43%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
bittensor
Bittensor (TAO) $ 510.79 2.84%
kaspa
Kaspa (KAS) $ 0.149445 0.91%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 2.16%
arbitrum
Arbitrum (ARB) $ 0.905406 11.70%
dai
Dai (DAI) $ 0.997224 0.23%
whitebit
WhiteBIT Coin (WBT) $ 23.92 1.16%
celestia
Celestia (TIA) $ 7.88 3.45%
bonk
Bonk (BONK) $ 0.000045 0.65%
vechain
VeChain (VET) $ 0.04153 4.10%
filecoin
Filecoin (FIL) $ 5.53 3.85%
blockstack
Stacks (STX) $ 2.16 12.52%
dogwifcoin
dogwifhat (WIF) $ 3.21 4.56%
okb
OKB (OKB) $ 53.47 1.26%