• Bank of Canada reveals most Canadians are not enthusiastic about CBDC adoption.
• Canadians have diverse payment methods, limiting CBDC appeal.
• Majority’s role crucial for CBDC adoption; merchant acceptance relies on demand.

A recent staff discussion paper released by the Bank of Canada sheds light on how Canadians view the idea of a Central Bank Digital Currency (CBDC) as a solution for unmet payment needs in a cashless society. The findings suggest that most Canadians are not particularly enthusiastic about widely adopting a CBDC.

According to the research, the typical Canadian already enjoys access to a variety of payment methods, including cash, debit and credit cards, mobile wallets, and online transfers. Consequently, these consumers don’t see strong incentives to adopt and actively use a CBDC for their transactions.

A CBDC is an electronic form of cash issued directly by a country’s central bank. Unlike cryptocurrencies issued by private entities, CBDC is government-backed and holds the same value as physical cash.

While there is a minority of consumers with unmet payment needs, the study highlights the crucial role of the majority in driving CBDC …

The post Canadians Show Reluctance to Embrace CBDC at Scale: Bank of Canada appeared first on Coin Edition.

• Bank of Canada reveals most Canadians are not enthusiastic about CBDC adoption.
• Canadians have diverse payment methods, limiting CBDC appeal.
• Majority’s role crucial for CBDC adoption; merchant acceptance relies on demand.

A recent staff discussion paper released by the Bank of Canada sheds light on how Canadians view the idea of a Central Bank Digital Currency (CBDC) as a solution for unmet payment needs in a cashless society. The findings suggest that most Canadians are not particularly enthusiastic about widely adopting a CBDC.

According to the research, the typical Canadian already enjoys access to a variety of payment methods, including cash, debit and credit cards, mobile wallets, and online transfers. Consequently, these consumers don’t see strong incentives to adopt and actively use a CBDC for their transactions.

A CBDC is an electronic form of cash issued directly by a country’s central bank. Unlike cryptocurrencies issued by private entities, CBDC is government-backed and holds the same value as physical cash.

While there is a minority of consumers with unmet payment needs, the study highlights the crucial role of the majority in driving CBDC …

The post Canadians Show Reluctance to Embrace CBDC at Scale: Bank of Canada appeared first on Coin Edition.