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<h4><strong>Central Bank Digital Currencies (CBDCs) have not enjoyed the outcomes many initially expected. Several countries that initially moved to launch a CBDC are reportedly backing down on such plans due to the lack of public interest in such assets.</strong></h4> 
<p>Recently, new reports claim that Canadians have shown little interest in digital currency. The Bank of Canada (BOC) had previously considered launching an in-house CBDC. As a result, the BOC conducted research aimed at evaluating public preference in payment methods.</p> 
<h5><strong>Canadians Stick to Cash and Cards Over Crypto, Survey Reveals</strong></h5> 
<p>The <a href="https://www.bankofcanada.ca/wp-content/uploads/2024/10/sdp2024-16.pdf" target="_blank" rel="noopener">survey</a> once again reiterated Canada’s long-standing preference for traditional fiat-based payment methods. Interestingly, a previous survey conducted in July revealed that Canadians prefer card and cash payments to crypto payments.</p> 
<p><img decoding="async" class="wp-image-154253 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vxccvbfgh-300x188.png" alt="" width="595" height="373" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vxccvbfgh-300x188.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vxccvbfgh.png 552w" sizes="(max-width: 595px) 100vw, 595px"></p> 
<p>Surprisingly, less than 3% of Canadians have used cryptocurrencies for payment since 2022. The recent BOC survey noted that 42% of respondents were open to the idea of a hypothetical digital loonie or Canadian dollar. Meanwhile, 38% had little idea of the concept of CBDC, while 20% voiced their outright “hatred” for the concept.</p> 
<p>Many believe the digital dollar could address the limitations of existing fiat-based payment systems. However, the BOC report concludes that such interest does not amount to adoption.</p> 
<p>Aside from poor understanding of CBDCs, many Canadians believe several factors have to be in place for a CBDC to penetrate the Canadian market. One factor mostly mentioned was ease of use, and another was the security of transaction data.</p> 
<figure id="attachment_154223" aria-describedby="caption-attachment-154223" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-154223" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-300x210.webp" alt="" width="579" height="405" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-300x210.webp 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-1024x718.webp 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-768x538.webp 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-599x420.webp 599w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-696x488.webp 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-1068x748.webp 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada-100x70.webp 100w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/CBDC-bank-of-canada.webp 1303w" sizes="(max-width: 579px) 100vw, 579px">
 <figcaption id="caption-attachment-154223" class="wp-caption-text">
  Source: Bank of Canada
 </figcaption>
</figure> 
<h5><strong>BOC to scale down CBDC plans</strong></h5> 
<p>Last month, the BOC announced that it was scaling down plans to launch a digital Canadian dollar. The financial regulator <a href="https://www.altcoinbuzz.io/cryptocurrency-news/canada-reassesses-cbdc-plans-focuses-on-payment-systems/" target="_blank" rel="noopener">explained</a> that it did not find a compelling reason to move forward with such plans.</p> 
<p>The BOC has been evaluating plans for a digital loonie since 2020. Interestingly, Canada isn’t the only country backing down on their CDBC plans. Both Australia and Colombia have also <a href="https://www.altcoinbuzz.io/cryptocurrency-news/australia-canada-and-colombia-press-pause-on-cbdc-initiatives/" target="_blank" rel="noopener">halted moves</a> to launch such assets.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/canadians-hesitant-about-digital-dollar/">Canadians Hesitant About Digital Dollar</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Canadians Hesitant About Digital Dollar

Altcoin Buzz

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