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Canadian Public Reluctant Towards Digital Currency Adoption

A recent Bank of Canada report on CBDCs unveils Canadians’ reluctance toward digital currency adoption, despite high awareness.

ShahZaib Ahmed

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CBDC's Status in Canada

Canadians’ stance on the country’s potential central bank digital currency (CBDC), the Bank of Canada conducted a comprehensive public consultation. The results, detailed in the “Digital Canadian Dollar Public Consultation Report,” unveiled prevailing sentiments and attitudes toward digital currency adoption nationwide.

Canadians exhibit a preference for cash payments despite their awareness of digital currencies. A recent Bank of Canada report on CBDCs unveils Canadians’ reluctance toward digital currency adoption, despite high awareness. The report highlights demands for regulations mandating merchant acceptance of cash. Low adoption of Bitcoin among respondents underscores reliance on traditional methods.

High Awareness, Low Adoption

The report indicated a notable contradiction: while nearly 95% of respondents demonstrated familiarity with the concept of a digital Canadian dollar, the sentiment toward its adoption remained largely negative. This paradox raised concerns for the Bank of Canada, pointing to a divergence between awareness and willingness to adopt new financial technologies.

Related: Canadians Have Little Reason to Use CBDC, As Per Bank of Canada Paper

Among the 89,423 responses collected, 93% of Canadians confessed to predominantly utilizing paper cash for daily transactions. Despite the prevalent use of credit cards and other online payment modes, the preference for physical cash remained steadfast.

canadians' response to the report

Notably, respondents voiced a desire for regulations mandating merchants to continue accepting cash payments, emphasizing a reliance on traditional payment methods.

canadians opinion about cbdc

Regulatory Demands and Bitcoin Adoption

The consultation results illuminated a demand for regulations mandating merchants to accept cash, reflecting a desire to preserve the status quo of payment options. Additionally, the survey revealed that only 15% of respondents held Bitcoin, suggesting a cautious approach to cryptocurrency adoption. This low Bitcoin ownership further emphasized the populace’s reliance on conventional financial methods over digital alternatives.

voting poll of ccbdc

The report’s findings provide valuable insights into the Canadian sentiment surrounding digital currency adoption. Despite heightened awareness, the inclination remains towards traditional cash transactions, posing challenges for widespread CBDC adoption. The discrepancy between awareness and adoption underscores the need for comprehensive strategies to bridge this gap and instil confidence in embracing digital financial solutions.

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