The Bank of Canada has taken an innovative step to involve Canadians in shaping the future of their currency. As part of its efforts to explore the creation of a Canadian digital dollar, the central bank has launched a public consultation inviting citizens to submit their ideas and suggestions on what features they would like to see in this groundbreaking form of currency.
The deadline for Canadian citizens to provide input on utilizing a digital dollar, the necessary security features, and any concerns regarding issuing a central bank digital currency (CBDC) are June 19.
During this period, citizens have been encouraged to contribute their perspectives actively, enabling them to influence the future implementation of a digital dollar in Canada and express any apprehensions regarding the CBDC’s introduction.
Carolyn Rogers, the Deputy Governor of the Central Bank of Canada (BoC), emphasized in a press release their vision of inclusivity, aiming for the participation of all Canadian citizens in the country’s economic sector. The objective is to ensure readiness for whatever lies ahead in the future.
According to a press release, the future holds the potential for widespread usage of private cryptocurrencies or central bank digital currencies originating from other countries within Canada. This implies the possibility of their broad acceptance and adoption in the country’s financial landscape.
The consultation questionnaire presents diverse inquiries to engage Canadians in active participation. It delves into various aspects, such as the payment methods employed within the past month, the potential frequency of utilizing a Canadian Central Bank Digital Currency (CBDC), and the desired design elements they envision for such a currency.
Furthermore, the questionnaire inquires explicitly about the respondents’ utilization or possession of cryptocurrencies. It encompasses an assortment of demographic queries surrounding gender, age, education, and income. The questionnaire aims to elicit insightful and imaginative responses from participants by employing an engaging and creative tone.
The fate of the digital Canadian dollar’s launch rests in the hands of the Canadian parliament and government. Their decisions and actions will determine whether the digital currency will become a reality in the country.
