Comment on Canadians feel well served by current means of payment, says Bank of Canada on topic of digital dollar

Canadians feel well served by current means of payment, says Bank of Canada on topic of digital dollar

The Bank of Canada is looking at the possible adoption of a digital dollar and has found that most participants say they feel well served by current means of payment. The Canadian central bank has been exploring a digital form of payment, known as a central bank digital currency (CBDC), over the last few years. This has included research into payment preferences in the area, with a new study published on October 28 titled ‘the consumer value proposition for a hypothetical digital Canadian dollar.’ While there has been rapid digitalization in many industries, the bank has found that while interest exists in a hypothetical digital currency, this does not necessarily translate into adoption. “Most participants felt well served by current means of payment.

 

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