Canadians generally have negative sentiment towards CBDC
Public consultation on the Bank of Canada's digital currency (CBDC) plan shows that Canadians overall have a negative sentiment, confirming the central bank's concerns about its adoption nationwide. In a survey of 89,423 respondents, nearly 95% had heard of or were familiar with the concept of a digital Canadian dollar. While awareness is a key factor in widespread adoption, this metric does not apply to Canada. 93% of respondents primarily use paper cash for daily transactions, but also use credit and debit cards as well as other online payment methods. In addition, only 15% of respondents hold Bitcoin and other cryptocurrencies. Most respondents suggest that the Bank of Canada should stop researching and developing the ability to issue a digital Canadian dollar. However, the public believes that the CBDC initiative will not consider their feedback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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