Bank of Canada Consults Public on Digital Dollar Features

    The Bank of Canada (BoC) has invited Canadians to submit feedback on features they would like to see in a digital Canadian dollar, though no plans have yet been made to issue one. The BoC is seeking public consultation on the possibility of a virtual loonie in view of the increasing digitization of the world. The consultation runs until June 19, and the BoC has emphasized the importance of ensuring that the digital currency “meets the needs of Canadians” while ensuring its reliability and security.

    Carolyn Rogers, Senior Deputy Governor of the BoC, stated in a press release that the bank wants to learn what Canadians “value most in the design of a digital dollar” to aid in making design choices. The questionnaire asks a range of questions, including which payment methods Canadians have used in the previous month, the frequency with which they might use a Canadian Central Bank Digital Currency (CBDC), and what design features they would like to see.

    It also includes demographic questions on gender, age, education, and income, as well as whether the respondent uses or holds cryptocurrencies. If implemented, Canada’s digital currency will join a growing list of countries exploring CBDCs, including the United States, the United Kingdom, China, and Japan.

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