Bank of Canada Queries Citizens on Canadian Dollar CBDC, but Opposition Is Building

2023-5-9 13:15

The Bank of Canada announced on Monday that it is seeking feedback from the public on the digital Canadian dollar CBDC and the features that could incorporate.

This #HaveYourSay initiative invites the public to share their opinions through comments. Public consultations will remain open until June 19.

Bank of Canada Releases Advert for CBDC

The top bank recently released a video advertisement encouraging public participation in the central bank digital currency (CBDC). In the video, the Bank states that it is currently exploring the feasibility of introducing a digital Canadian dollar. It also touched upon how it would operate.

It notes, “We’re getting ready in case one day Parliament and the Government of Canada ask us to issue one.”

The top banking institution elaborated that it is investigating the possibility of a CBDC due to decreased cash usage in favor of alternative payment methods. The Bank aims to stay current with this shift in trends.

In a statement, Carolyn Rogers, Senior Deputy Governor at the Bank of Canada, emphasized the importance of ensuring everyone can participate in Canada’s economy.

According to the Bank of Canada’s official definition, the digital Canadian dollar would not be classified as a cryptocurrency since the apex bank would back it. Furthermore, the Bank has cautioned that there is a possibility that foreign countries’ CBDCs or cryptocurrencies may gain widespread usage in Canada in the future. This, in turn, may hurt the central position of the Canadian dollar in the economy, ultimately affecting the stability of its financial system.

Therefore, with regard to the digital dollar, it notes, “A digital Canadian dollar could help protect our economy by ensuring Canadians always have an official, safe and stable digital payment option in the Canadian dollar. “

Meanwhile, the Bank of Canada has expressed confidence that a digital Canadian dollar would complement cash instead of replacing it.

According to the Atlantic Council, more than 114 nations are now considering the implementation of a CBDC. Since May 2020, when only 35 nations were considering CBDCs, more countries have become interested in this idea. In 2023, more than 20 nations—including Australia, Thailand, Brazil, and India—are anticipated to make substantial progress toward piloting a CBDC.

CBDC Implementation Timeline | Atlantic Council Growth Comes with Political Debate 

In a report published by Juniper Research, it is predicted that the value of CBDCs will experience a significant increase. The analysis indicates that by 2030, the current value of $100 million will soar to $213 billion.

According to the report, the adoption of CBDCs is expected to be propelled by governments. Especially if they utilize them to enhance financial inclusion and increase their authority over digital payments. The implementation of CBDCs is predicted to improve access to digital payments. This is especially so in emerging economies, where mobile penetration rates surpass banking penetration rates. The study also revealed that, by 2030, 92% of the overall value transacted via CBDCs will be for domestic payments.

The paper says that the sector is still in its infancy. And the pilot projects could extend its extraordinary growth of over 260,000% in the coming years.

However, the U.S. remains mostly divided on the prospect of introducing a digital currency. The debate comes despite the predicted surge in CBDC use. Florida Governor Ron DeSantis recently proposed changing the state’s uniform commercial code to forbid using fed-backed CBDCs.

In fact, in Canada as well, Conservative Leader Pierre Poilievre made a similar statement last year. He declared that he would discontinue any proposals for a digital currency if he were to become the Prime Minister.

The post Bank of Canada Queries Citizens on Canadian Dollar CBDC, but Opposition Is Building appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.01 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0020147 (-100%)

bank dollar cbdc canadian canada citizens building

bank dollar → Ðåçóëüòàòîâ: 126


Bitcoin-Led Crypto Markets Could Be Negatively Affecting The US Dollar Claims ING Bank

According to a recent report released by ING on June 24, strong commodity and cryptocurrency prices plus sharply falling US dollar hedging costs should negatively affect the US dollar. The report conducted by ING’s global head of strategy Chris Turner was released as his latest foreign exchange analysis and just after Bitcoin (BTC) surged above […]

2019-6-25 23:40


Embattled OneCoin Denies Multi-Billion Dollar Ponzi Scheme Allegations

By CCN: OneCoin execs are sick of being called a Ponzi scheme. Allegations of ripping off churches are false too, they claim. In a lengthy letter to the Samoa Observer, the cryptocurrency-powered marketing company defended itself against what it considers to be false allegations OneCoin takes issue with news articles that were used by the Central Bank of Samoa (CBS), which fueled the Ponzi scheme narrative.

2019-5-20 00:30


Is Tether Headed For More Trouble?

Skies are falling again, at least if you read crypto media. The latest chapter of the Bitfinex drama has many traders worried, and caused USDT to briefly slip beneath the dollar. Although there’s no question that the legal troubles surrounding iFinex are serious, concerns of a billion-dollar bank run causing a market-wide meltdown may be […] The post Is Tether Headed For More Trouble? appeared first on Crypto Briefing.

2019-5-6 23:13


Crypto Scammin’ Church Ministers Steal $2.3 Million as OneCoin Promoters

By CCN. com: For cryptocurrency scammers, no grounds are too holy to scout for potential ‘investors’ as everyone, including churchgoers, is game. Based on an intelligence report from the New Zealand Financial Intelligence Unit (NZFIU), the Central of Bank of Samoa (CBS) has accused two ‘large churches’ in the Asia Pacific (APAC) country of assisting in the proliferation of the OneCoin cryptocurrency scam.

2019-4-26 19:10


Russian Gold Stockpile Grows as Analysts Warn of Global Recession

Following sanctions imposed on Russia, Putin is supporting a mass gold stockpile expansion and a sale of U. S. debt holdings. With a trade war blazing, and sanctions laid across countries to force North Korea and its associates into submission, what happens to other economies? Countries like Russia are using this opportunity to step away from America’s mounting debt.

2019-3-22 23:00


Eastern Caribbean Central Bank (ECCB) to Trial Blockchain-based CBDC Cryptocurrency as Legal Money

The Eastern Caribbean Central Bank (ECCB) https://www.eccb-centralbank.org, the central bank for the Eastern Caribbean dollar, has announced its set to launch a pilot for a distributed ledger technology (DLT) powered central bank digital currency and could proceed to adopt it as a legal tender in 2020 if all goes as planned, according to reports on […]

2019-3-6 23:19


Ôîòî:

New York Fed: Cryptocurrency Won’t Challenge Dollar in Near Or Mid-Term

Cryptocurrencies are “unlikely” to become an international monetary phenomenon in the coming years, the Federal Reserve Bank of New York has claimed. ‘Unlikely To Meet Criteria’ In a research piece on US dollar supremacy published February 11, the NY Fed argued that despite the appearance of cryptocurrency in mainstream society, only its long-term perspectives could include significant usage.

2019-2-13 18:00


Ôîòî:

Crypto Platform Coinbase Secures $300 Million in Series E Funding Round

Popular cryptocurrency exchange Coinbase has raised a fresh $300 million in a Series E financing round, bringing the company valuation to $8 billion. Coinbase plans to use the funding to "accelerate the adoption of cryptocurrencies," as it plans to remain the "entry-point into crypto" for millions of investors, according to a published blog post.

2018-10-31 20:51