Canada Launches Consultation on CBDC

The Bank of Canada launched an online public consultation on the Central Bank of Canada Digital Currency (CBDC) on May 8, according to the bank’s official website.

The consultation services are online and will remain open until June 19, 2023, as announced by the mail noted.

canadian digital dollar

The consultation platform will allow participants to comment on the characteristics of the Canadian digital dollar.

Bank of Canada also noted that the country does not need a digital dollar at this time. The consultation was launched to be prepared for the future when a CBDC is required.

Bank of Canada Senior Deputy Governor Carolyn Rogers emphasized the purpose of the consultation, stating:

“As the central bank of Canada, we want to make sure everyone can always participate in our country’s economy. That means being prepared for what the future holds,

“We want to hear from Canadians what they value most in the design of a digital dollar. This will help us make design decisions and ensure it is safe, reliable and meets the needs of Canadians.”

The bank is primarily interested in learning how Canadians would use the digital dollar, what security features are crucial, and what concerns citizens about CBDC accessibility and privacy.

The announcement also noted that the use of cash would remain the same even if the Canadian digital dollar is implemented one day.

Canada in crypto

Canada has been collecting information on all branches related to cryptocurrencies in recent years. The Bank of Canada conducted extensive investigation on cryptographic awareness, ownership, and quantum computing simulation last year and published its results in April 2022. The country also thrown out inquiries on stablecoins, cryptocurrencies in general and CBDC also in November 2022.

Despite all the data collected, Canada offers very little in terms of crypto regulations. In September 2022, pierre poilièvrea bitcoin (BTC) maximalist politics, cattle the leadership of the Conservative Party of Canada. Although this demonstrated the public stance against cryptocurrencies, the country halted cryptocurrency adoption a month later, let alone expand it.

In December 2022, Canadian administrators and securities prevented Crypto exchanges in the country offer leveraged or margin trading services to Canadian users. In February 2023, Canada took the regulations a step further and mandated crypto exchanges to a new set of rules, calling them to comply within 30 days.

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