OTTAWA (LifeSiteNews) – The Bank of Canada is looking at creating a “digital Canadian dollar” and wants public feedback on whether such a form of currency, which experts have warned could mean an end to purchasing anonymity, would be viable for Canadians.
“A digital Canadian dollar issued by the Bank would have to be designed to serve Canadians’ needs. That’s why the Bank is holding this online consultation: to understand which features are most important to Canadians,” the bank said in a press release yesterday.
“The Bank is also seeking opinions about topics related to a digital dollar.”
According to the bank, the creation of a digital dollar would not replace cash as a form of payment but could be needed if places stop accepting cash as a form of “payment.”
“People tend to use cash less often these days: Most payments are already digital, such as using debit or credit cards. If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions, which could exclude many Canadians from the economy,” the bank said.
The bank said that any final decision on when and if a digital Canadian dollar is issued would be up to the government.
“Ultimately, Parliament and the Government of Canada will determine if or when to issue a digital Canadian dollar,” the bank said.
The bank also claims that if a digital Canadian dollar “is issued in the future,” the Bank will continue to “provide bank notes for those who want them.”
“Cash isn’t going anywhere,” said the bank, adding that “there may come a time when bank notes are not widely used in day-to-day transactions, which could risk excluding many Canadians from taking part in the economy.”
Some Canadian public institutions have already signaled that they want Canadians to use an electronic online form of payment only.
Last week, LifeSiteNews reported on how the Canada Revenue Agency (CRA) starting in 2024 will no longer allow citizens to pay tax debts over $10,000 by cheque and will mandate payment via electronic means under a new rule that is part of a federal omnibus budget bill likely to become law soon.
While Canadian banks thus far have not been hit with collapse like some banks in the United States in recent months, experts have warned that a financial crisis could spell the acceleration of the introduction of central bank digital currencies.
Digital currencies have been touted as a way by some government officials to replace traditional cash.
As noted in a recent report from LifeSiteNews, experts warn that central bank digital currencies are a “control tool” by the government.
According to Senior Deputy Governor Carolyn Rogers, the bank is “ready for whatever the future holds,” and that is why it wants to “hear from Canadians about what they value most in the design of a digital dollar.”
“This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians,” she added.
The online public consultation is a survey that anyone can do online.
According to the survey text, a digital Canadian dollar “doesn’t exist yet, but we’re getting ready in case one day Parliament and the Government of Canada ask us to issue one.”
“A digital Canadian dollar would be similar to Canadian bank notes but in digital form; it would be backed by the Bank of Canada, with the added benefit that it could also be used online,” the bank survey noted.
The online public consultation is open until June 19. The bank said that later this year it will “will publish a report summarizing this consultation.”