According to CryptoPotato, a recent survey conducted by the Bank of Canada revealed that the majority of Canadians are opposed to the central bank researching and issuing a digital loonie. The report found that citizens and stakeholders are concerned that the technology could violate their financial privacy and would not be their preferred payment method compared to existing options.
The survey, which was open to all Canadians between May 8 and June 19, 2023, gathered 89,424 responses from individuals across all provinces and income levels. The results showed that 85% of respondents would not use a digital Canadian dollar, and 92% would prefer to stick to existing payment methods, such as cash or cards. Even among those who already hold cryptocurrencies, only 14% said they would prefer a digital dollar to alternative schemes.
In addition to concerns about redundancy, 19% of respondents claimed that a central bank digital currency (CBDC) would give the government too much control, while 15% said that privacy would be jeopardized with its launch. Another 15% believed it would result in a loss of individual choice. A significant 86% of respondents called for legislation to mandate merchants to continue accepting cash as payment.
Trust in the central bank, the government of Canada, and financial institutions remained low, with only 18%, 12%, and 27% of respondents expressing trust in these entities, respectively. Despite these reservations, 78% of respondents said they do not believe the Bank of Canada will consider public feedback as it develops a CBDC. In response to the consultation, the central bank has outlined new development goals aimed at addressing critics' concerns, including examining options for a digital dollar that would not require identification or the disclosure of private information for basic financial transactions. Canada's Conservative Party leader has also promised to ban CBDCs if elected as prime minister.