Mon Aug 14, 2023 – 4:55 pm EDT
OTTAWA, Ontario (LifeSiteNews) –– The Bank of Canada (BOC) has said that the creation of a central bank digital currency (CBDC) is not needed as many people rely on “cash” to pay for things, and that the introduction of a digital currency would only be feasible if consumers demanded its release.
“Currently, most Canadian consumers do not experience gaps in their access to payment methods, and this will likely remain the case in a cashless environment. Some people could, however, face difficulties making payments if cash were no longer widely accepted as a method of payment,” said the BOC in a Staff Discussion Paper titled “Unmet Payment Needs and Central Bank Digital Currency,” which was released on August 10, 2023.
The BOC, in its “Unmet Payment Needs” discussion paper, noted that as a “practical matter achieving wide adoption” of a digital dollar, “acceptance and use of a central bank digital currency could be challenging because most Canadians have access to several methods of payment.”
“Overcoming such barriers could require significant and sustained investment by the central bank,” it added.
The BOC said that Canadians would have to “drive
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