Tags: Bank of Canada

Canadians Support Cash Payments Over CBDCs: Report

The staff note suggested that, although the DeFi ecosystem brings a ton of innovations in the financial sector, the regulatory challenges and vulnerability limit its potential use in traditional finance.

The potential is there, but the difficulties in achieving financial inclusivity are often underestimated, a Bank of Canada study shows.

A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC.

The biggest motivation for Canadians interested in Bitcoin is an investment — as showcased by the choice of over one-third of the 4,996 respondents in the Bank of Canada‘s 2022 survey.

The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.

Canadians are being asked what features they wish to see in a digital Canadian dollar even though there are no plans yet to issue one.

Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.