Recent research from the Bank of Canada (BOC) reveals that Canadian consumers are cautious about the early adoption of a digital dollar. Despite discussions about a central bank digital currency (CBDC) to enhance Canada’s payment systems, many Canadians are still leaning toward traditional payment methods.
Bank of Canada’s Survey: Traditional Payments Still Preferred
In a survey conducted in July, the BOC found that cash and card payments remain the top choices for everyday transactions among Canadians. Fewer than 3% of respondents reported using Bitcoin or other cryptocurrencies regularly since 2022, highlighting a strong preference for conventional payment options.
While traditional payments are popular, the survey also showed some openness to a digital dollar. About 42% of participants had a positive view of the idea, compared to 20% who disliked or opposed it. The remaining 38% were either neutral or unfamiliar with digital currency concepts.
According to the report, interest in a digital dollar doesn’t necessarily mean people will adopt it quickly. Many participants emphasized that a digital dollar would need to demonstrate “flawless reliability from day one” to gain traction.
Top Concerns: Privacy, Security, and Ease of Use
Participants listed privacy, security, and user experience as essential factors for a successful digital dollar. Although some highlighted the importance of offline functionality, most said they would still prefer cash in emergencies.
The BOC recently announced a shift in priorities, scaling down its efforts on a retail CBDC. Instead, the central bank will concentrate on broader payment system research and policy development. Officials noted that a significant investment in public awareness would be necessary to promote any future digital currency.
