![]() ![]() ![]() Bank notes will continue to be available to Canadians even if we introduce a digital currency. And only a central bank can guarantee that public interest-not profit-is the top priority.Ī digital dollar would complement cash, not replace it. This could compromise the central role of the Canadian dollar in our economy and affect the stability of our financial system.Ī digital Canadian dollar could help protect our economy by ensuring Canadians always have an official, safe and stable digital payment option in the Canadian dollar. ![]() It’s also possible that, in the future, cryptocurrencies or CBDCs issued by foreign countries could be widely used in Canada. Protecting our economy and financial system If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions, which could exclude many Canadians from the economy. However, people tend to use cash less often these days: most payments are already digital, such as using debit or credit cards. Anyone can use cash, including people who don’t have a bank account, a credit score or official identification documents. The Bank of Canada supplies bank notes to Canadians and makes sure people are confident in the Canadian dollar. Ultimately, Parliament and the Government of Canada will determine if or when to issue a digital Canadian dollar. That’s why we-like many other central banks around the world-are exploring the possibility of issuing a digital version of our national currency. And we need to prepare for whatever the future holds. Why we’re researching a digital Canadian dollarĪs Canada’s central bank, we have a responsibility to ensure everyone always has the opportunity to take part in the economy. ![]()
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