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Bank of Canada survey reveals 86% of Canadians opposed to creating digital ‘dollar’

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5 minute read

From LifeSiteNews

By Anthony Murdoch

The main findings show that Canadians place a ‘high value on holding cash that is backed by their central bank and want to maintain access to bank notes.’

An overwhelming majority, 86% of Canadians, are opposed to the creation of a national digital dollar and want the government and banks to “leave cash alone,” according to results from a recent Bank of Canada (BOC) survey concerning the creation of a “potential digital Canadian dollar.”

In a press release yesterday, the BOC published the feedback it got concerning the creation of a “potential digital Canadian dollar.” The bank says it has been collecting information since 2020 with “stakeholders in the financial sector and civil society.”

The main findings from the BOC’s survey show that Canadians place a “high value on holding cash that is backed by their central bank and want to maintain access to bank notes.”

“Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right,” the BOC said about another main finding from its report.

The BOC noted that should a digital dollar be created, it “should be easily accessible and should neither add barriers nor worsen existing ones.”

“A digital dollar should not add to financial stability risks,” the BOC said.

The survey, which was open from May 8 to June 19, 2023, received 89,423 responses. A total of 87% of respondents said they were “aware” of talk concerning the creation of a digital dollar.

The survey results come after the BOC in August admitted that the creation of a central bank digital currency (CBDC) is not needed as many people rely on “cash” to pay for things. The bank concluded that the introduction of a digital currency would only be feasible if consumers demanded its release.

Canadians prefer cash as the best payment method, but bank has not fully ruled out digital dollar

A total of 88% of respondents said they were not interested in the creation of an additional “offline” payment method such as an offline digital dollar in addition to cash.

While 85% of respondents said they would not use a digital dollar, 12% said they would, with 3% being uncertain.

Of important note is that the BOC has not ruled out the creation of a digital dollar despite the report’s findings.

The BOC said it “aims to ensure that Canadians will continue to have the benefits of money issued by the central bank in an increasingly digitalized world.”

“Whether and when a digital dollar will become needed is uncertain. Ultimately, the decision to go ahead with a digital dollar belongs to Canadians, through their representatives in Parliament,” the BOC said.

As reported by LifeSiteNews in May, the BOC was looking for public feedback on whether such a form of digital currency, which experts have warned could mean an end to purchasing anonymity, would be viable for Canadians.

Overall, the report found that when all answers were combined, the creation of a digital dollar garnered 86% negative feedback.

According to the BOC, a CBDC would have to offer “compelling advantages to motivate these consumers – particularly the typical, well-connected consumers who account for most of the market — to adopt and use CBDC at sufficient scale to generate widespread merchant acceptance.”

Digital currencies have been touted as a way by some government officials to replace traditional cash.

As noted in a report from LifeSiteNews, experts warn that central bank digital currencies are a “control tool” of governments.

Conservative leader Pierre Poilievre promised that if he is elected prime minister, he would stop any implementation of a “digital currency” or a compulsory “digital ID” system.

The BOC at the time said that any final decision on when and if a digital Canadian dollar is issued would be up to the government.

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2025 Federal Election

As PM Poilievre would cancel summer holidays for MP’s so Ottawa can finally get back to work

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From Conservative Party Communications

In the first 100 days, a new Conservative government will pass 3 laws:

1. Affordability For a Change Act—cutting spending, income tax, sales tax off homes

2. Safety For a Change Act to lock up criminals

3. Bring Home Jobs Act—that repeals C-69, sets up 6 month permit turnarounds for new projects

No summer holiday til they pass!

Conservative Leader Pierre Poilievre announced today that as Prime Minister he will cancel the summer holiday for Ottawa politicians and introduce three pieces of legislation to make life affordable, stop crime, and unleash our economy to bring back powerful paycheques. Because change can’t wait.

A new Conservative government will kickstart the plan to undo the damage of the Lost Liberal Decade and restore the promise of Canada with a comprehensive legislative agenda to reverse the worst Trudeau laws and cut the cost of living, crack down on crime, and unleash the Canadian economy with ‘100 Days of Change.’ Parliament will not rise until all three bills are law and Canadians get the change they voted for.

“After three Liberal terms, Canadians want change now,” said Poilievre. “My plan for ‘100 Days of Change’ will deliver that change. A new Conservative government will immediately get to work, and we will not stop until we have delivered lower costs, safer streets, and bigger paycheques.”

The ’100 Days of Change’ will include three pieces of legislation:

The Affordability–For a Change Act 

Will lower food prices, build more homes, and bring back affordability for Canadians by:

We will also:

  • Identify 15% of federal buildings and lands to sell for housing in Canadian cities.

The Safe Streets–For a Change Act 

Will end the Liberal violent crime wave by:

The Bring Home Jobs–For a Change Act 

This Act will be rocket fuel for our economy. We will unleash Canada’s vast resource wealth, bring back investment, and create powerful paycheques for workers so we can stand on our own feet and stand up to Trump from a position of strength, by:

Poilievre will also:

  • Call President Trump to end the damaging and unjustified tariffs and accelerate negotiations to replace CUSMA with a new deal on trade and security. We need certainty—not chaos, but Conservatives will never compromise on our sovereignty and security. 
  • Get Phase 2 of LNG Canada built to double the project’s natural gas production.
  • Accelerate at least nine other projects currently snarled in Liberal red tape to get workers working and Canada building again.

“After the Lost Liberal Decade of rising costs and crime and a falling economy under America’s thumb, we cannot afford a fourth Liberal term,” said Poilievre. “We need real change, and that is what Conservatives will bring in the first 100 days of a new government. A new Conservative government will get to work on Day 1 and we won’t stop until we have delivered the change we promised, the change Canadians deserve, the change Canadians voted for.”

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Automotive

Canadians’ Interest in Buying an EV Falls for Third Year in a Row

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From Energy Now

Electric vehicle prices fell 7.8 per cent in the last quarter of 2024 year-over-year, according to the AutoTader price index

Fewer Canadians are considering buying an electric vehicle, marking the third year in a row interest has dropped despite lower EV prices, a survey from AutoTrader shows.

Forty-two per cent of survey respondents say they’re considering an EV as their next vehicle, down from 46 per cent last year. In 2022, 68 per cent said they would consider buying an EV.

Meanwhile, 29 per cent of respondents say they would exclusively consider buying an EV — a significant drop from 40 per cent last year.

The report, which surveyed 1,801 people on the AutoTrader website, shows drivers are concerned about reduced government incentives, a lack of infrastructure and long-term costs despite falling prices.

Electric vehicle prices fell 7.8 per cent in the last quarter of 2024 year-over-year, according to the AutoTader price index.

The survey, conducted between Feb. 13 and March 12, shows 68 per cent of non-EV owners say government incentives could influence their decision, while a little over half say incentives increase their confidence in buying an EV.

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