The central bank of Canada launched a public consultation that shall run on June 19 where Canadians will be able to weigh in on the features they would like to be included in a potential digital Canadian dollar.

The Bank of Canada (BoC) noted that it is exploring to launch a national digital currency as “the world becomes increasingly digital”, and BoC senior deputy governor Carolyn Roger stated that the central bank aims to listen to the input of the people of Canada with regards to what they “value most in the design of a digital dollar.”

Such move is aimed to clarify the choices relating to the currency’s security measures and reliability reach while ensuring that it “meets the need of Canadians.” The bank however was quick to discard hopes surrounding a central bank digital currency (CBDC) launch: “At this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada.”

While outlining that cryptocurrencies and a national CBDC could be widely used in the country, the BoC added that “cash isn’t going anywhere” even when CBDCs have been issued and circulated, as it remains vital for its availability “for those who want them.”

Sources:

https://cointelegraph.com/news/canada-s-central-bank-asks-citizens-what-they-want-in-a-digital-dollar

https://thepaypers.com/cryptocurrencies/bank-of-canada-asks-the-publics-opinion-on-a-potential-digital-dollar--1262551

https://www.bankofcanada.ca/2023/05/bank-canada-launches-public-consultations-digital-dollar/