The Bank of Canada is taking an innovative approach to involve Canadians in shaping the future of their currency by exploring the creation of a Canadian digital dollar. To achieve this, the central bank has launched a public consultation, inviting citizens to submit their ideas and suggestions on the desired features of this groundbreaking form of currency.
Canadian citizens have until June 19 to provide input on using a digital dollar, the necessary security features, and any concerns regarding issuing a central bank digital currency (CBDC). The public is actively encouraged to contribute their perspectives during this period, allowing them to influence the future implementation of a digital dollar in Canada and express any apprehensions about introducing a CBDC.
In a press release, Carolyn Rogers, the Deputy Governor of the Central Bank of Canada (BoC), emphasized their vision of inclusivity, aiming to involve all Canadian citizens in the country’s economic sector. The objective is to ensure preparedness for whatever lies ahead in the future.
The press release also highlighted that the future holds the potential for widespread usage of private cryptocurrencies or central bank digital currencies from other countries within Canada. This suggests the possibility of these currencies gaining broad acceptance and adoption in the country’s financial landscape.
The consultation questionnaire aims to actively involve Canadians by presenting diverse inquiries. It explores various aspects, including the payment methods used in the past month, the potential frequency of using a Canadian Central Bank Digital Currency (CBDC), and the desired design elements for such a currency.
Additionally, the questionnaire explicitly asks respondents about their involvement with or ownership of cryptocurrencies. It covers a range of demographic questions relating to gender, age, education, and income. The questionnaire seeks to elicit insightful and imaginative responses from participants by adopting an engaging and creative tone.
Launching the Canadian digital dollar relies on the decisions and actions of the Canadian parliament and government. Their choices will determine whether digital currency becomes a reality in the country.