A new survey from the Bank of Canada is asking its citizens about their opinions or perception of a "digital currency" that may soon be its legal tender in different transactions and purchases in the country. The survey is looking to know what people think about it, now that it is still in the hypothetical and planning stage, centering on a "digital Canadian dollar."
Instead of paying by cash, this digital currency would be the alternative, but would not exactly replace the Canadian dollar in its circulation, and would have the same or equal value as the paper ones.
Bank of Canada: New Survey Asks the Public of a Possible Digital Currency
The Bank of Canada has launched a survey to gauge public sentiment regarding a "Digital Canadian Dollar." Unlike cryptocurrencies, which are decentralized, the proposed digital currency would be centralized and maintain the same value as the physical Canadian dollar, to offer an alternative means of conducting transactions or purchases.
The central bank's survey seeks to gather opinions from a wide cross-section of Canadians on the benefits, risks, and implications of a Digital Canadian Dollar. The initiative underscores the Bank of Canada's commitment to inclusivity and transparency by involving citizens in shaping the future of the country's monetary system.
Moreover, it is still in its hypothetical stages now and is not exactly a sure venture in the future.
"As Canada's central bank, we want to make sure everyone can always take part in our country's economy. That means being ready for whatever the future holds," said Senior Deputy Governor Carolyn Rogers via a press release.
Read Also: Blazing Trails in FinOps: Sherilyn Kamga's Roadmap to Tech-Finance Convergence
The Digital Canadian Dollar is not a Cryptocurrency, Why?
The Digital Canadian Dollar may sound a lot like a cryptocurrency project from the Bank of Canada, but it is not.
While other banks have explored the possibility or already started their development of cryptocurrency, this is not what they have in mind.
A crypto coin is decentralized, meaning that it is regulated in different offices or entities, not by one entity only. Unlike the Digital Canadian Dollar which claimed to be a "central bank digital currency" that would be managed by the Bank of Canada and the regulators of the country.
Everything is Digital on Payments and Transactions
Everything is digital nowadays, and it includes the use of the internet, smartphones, and technology where everything is possible in a single device.
Online payment channels like Venmo, Cash App, and other platforms also offer money transfers or payments done without physical cash, cards, or checks to hand over to cashiers.
Smartphones even have integrated tap-to-pay channels like Apple Pay, Google Pay, Samsung Pay, and more, which allows users to use their smartphones for settling a bill.
Canada explores the possibility of a Digital Canadian Dollar that would be available right on their devices and be a 1:1 value for a CAD.
The survey will contribute to an informed and inclusive decision-making process, ensuring that the potential introduction of a central bank digital currency aligns with the needs and expectations of Canadians.
Related Article: Apple Card Savings Account: $1 Billion Deposits in First 4 Days and Growing
