The Bank of Canada (BoC) is asking Canadians for their views on how a digital version of the national currency could look and function, as part of its research on the potential benefits and risks of issuing a digital Canadian dollar.
The BoC launched a public consultation on Monday, inviting Canadians to share their opinions on the design features, uses and impacts of a digital Canadian dollar, which would be issued by the central bank and backed by its full faith and credit.
The consultation, which runs until June 19, aims to gather feedback from a wide range of stakeholders, including consumers, businesses, financial institutions, academics and civil society groups.
The BoC said that a digital Canadian dollar would be a complement to cash and other forms of electronic payments, not a replacement. It would provide Canadians with an official, safe and stable digital payment option that could be used for everyday transactions.
The BoC stressed that it has not made a decision to issue a digital Canadian dollar, and that any such decision would require approval from the federal government and parliament. It said that it is conducting research and experimentation on the topic to prepare for possible future scenarios.
“As the world becomes increasingly digital, the Bank – like many other central banks – is exploring a digital version of Canada’s national currency,” the BoC said in a statement. “This work is part of our responsibility to ensure we are ready for whatever the future may bring.”
The BoC also said that it will continue to provide bank notes for those who want them, and that cash will remain a legal tender in Canada.
“Cash isn’t going anywhere,” it said.
The public consultation can be accessed on the BoC’s website: https://www.bankofcanada.ca/digital-currency/