In a recent survey conducted by WealthRocket, it has been revealed that the majority of citizens in Canada, the second-largest economy in North America, are open to embracing a central bank digital currency (CBDC).
The survey found that nearly 60% of Canadians expressed their willingness to adopt a CBDC if it were to become available.
The results show that 59% of surveyed Canadians are open to the idea of utilizing a CBDC to varying degrees, with 25% even considering using it as a replacement for cash transactions. However, some concerns were also raised by respondents. Approximately 56% expressed worries about potential fraud associated with CBDCs, while 53% were concerned about the risk of cyber attacks. Other concerns included the potential misuse of personal data (44%) and the lack of anonymity in transactions (35%).
When it comes to privacy, the survey found that 51% of Canadians have some level of confidence in the Bank of Canada’s ability to safeguard their privacy if a CBDC were to be implemented. However, 25% of respondents expressed a lack of confidence in the bank’s ability to protect their privacy.
Although the Bank of Canada currently has no immediate plans to introduce a CBDC, it is actively preparing for the possibility should the country’s parliament request it in the future. As part of this preparation, the bank conducted a public consultation on CBDCs from April to June. The consultation sought Canadians’ input on their payment habits, potential usage of a CBDC, and their level of trust in the government and institutions to protect their data. The insights gained from this consultation will be instrumental in shaping the ongoing development of CBDCs in Canada.
It is worth noting that Canada is among the 130 countries worldwide that are exploring the concept of CBDCs. Recent reports indicate that 19 out of the 20 G20 countries are currently in the early stages of developing their own CBDC programs, including Canada.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.