Bank of Canada introduces public consultations on digital dollar

By Delisha Fernandes

The Bank of Canada is launching an online public consultation on the features that could be included in a digital Canadian dollar. The consultation runs until June 19.

The way Canadians pay for everything from daily necessities to major purchases is evolving rapidly. As the world becomes increasingly digital, the Bank like many other central banks is exploring a digital version of Canada’s national currency.

“As Canada’s central Bank, we want to ensure everyone can always participate in our country’s economy. That means being ready for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers. “We want to hear from Canadians about what they value most in the design of a digital dollar. It will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians.”

The Bank has provided bank notes to Canadians for over 85 years. Cash is a safe, accessible, and trusted payment method that anyone can use, including people who don’t have a bank account, a credit score or official identification documents.

It’s also possible that private cryptocurrencies or central bank digital currencies issued by other countries could become widely used in Canada in the future. It could compromise the role of an official, centrally issued currency, the Canadian dollar, in our economy and pose a risk to the stability of our financial system.

A Canadian digital dollar would ensure Canadians always have an official, safe, and stable digital payment option issued by Canada’s central Bank.