Canadians Support Cash Payments Over CBDCs: Report
Canadians are less enthusiastic about a Central Bank Digital Currency (CBDC) opting for traditional payment methods despite wider awareness, a new survey shows.
The Digital Canadian Dollar Public Consultation Report published by the Bank of Canada highlighted the overall sentiments of consumers towards a CBDC in light of recent blockchain activities and future payment initiatives.
Generally, Canadians do not embrace the technology, as anticipated by pro-CBDC experts casting negative light on the current state of the technology.
According to the survey that took responses from 89,423 participants, 95% have heard about the CBDC or possess sufficient information on how the technology worked showing massive public awareness.
In most cases, massive public awareness of 95% is expected to trickle into a larger adoption but that might not be the case for a Canadian CBDC as consumers want other options.
Per the study, a large portion of participants prefer cash transactions and push for laws to mandate merchants to accept cash during transactions despite the growing popularity of digital payments.
This sentiment has also been shared in the United Kingdom where the public consultation also revealed that users fear that digital payment systems may replace cash calling on authorities to protect the payment option.
However, financial authorities explained that a potential digital pound will not replace cash as a payment option but complement it as the jurisdiction seeks ways for faster and seamless cross-border settlements.
Over 82% of respondents said that the Bank of Canada should not research the capabilities of the CBDC as they chose their current payment methods. The respondents also noted that they didn’t expect the public survey to
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