According to the Bank of Canada, the introduction of a digital currency will play a significant role in the modernization of payment systems.
However, its recent study showed that the majority of Canadians are against the development of a central bank digital currency (CBDC). Conducted from May 8 to June 19 of 2023, the survey included over 89,000 participants from different regions, age groups, and social backgrounds.
The results revealed that 85% of respondents do not support the creation of a CBDC. Furthermore, 92% do not see the necessity of introducing a new form of payment as they are content with cash and bank cards.
Only 14% expressed willingness to adopt the digital Canadian dollar and the majority of these individuals have previous experience with cryptocurrencies.
Despite the resistance from the public, the Bank of Canada believes that incorporating a digital currency will greatly contribute to the advancement of payment infrastructures.