OTTAWA — The Bank of Canada says it wants to hear from Canadians on what kind of features it should include in a potential digital currency.
In an online survey running until June 19, the central bank asks what people think about a range of design options including being able to use the currency offline, to recover funds lost from theft and to make transactions without a bank account.
A digital currency would be different from cryptocurrencies as it would be backed by the central bank and its value wouldn't change since it would be just another form of Canadian currency.
The Bank of Canada says that while it doesn't see a need for a digital dollar now, it's preparing for the potential need ahead.
It says a digital currency might be necessary if cryptocurrencies or digital currencies issued by other countries become widely enough used in the country that they start to compromise the role of an official, centrally issued currency.
The Bank of Canada says a digital currency could also be needed if the rise of digital transactions make using cash more difficult and thereby risk excluding many Canadians from taking part in the economy.
This report by The Canadian Press was first published May 8, 2023.
The Canadian Press
