Bank of Canada consults public on digital dollar design

The Bank of Canada has opened an online consultation seeking views from members of the public on a digital Canadian dollar.

It is exploring a digital version of the national currency to “ensure Canadians always have an official, safe, and stable digital payment option issued by Canada’s central bank”.

However, ultimately, any decision to issue one rests with Parliament and the Government of Canada.

The consultation, which opened yesterday (May 8) and will run until June 19 2023, aims to understand which features of a digital dollar are most important to Canadians.

Members of the public are also being asked for their opinions about topics related to a digital dollar, such as how people would likely use it, which security features are important, and their concerns about accessibility and privacy.

Senior deputy governor at the Bank of Canada, Carolyn Rogers, said: “We want to hear from Canadians about what they value most in the design of a digital dollar.

“This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians.”

A report summarising the outcomes of the consultation is due later this year.

The Bank of Canada confirmed that if a digital Canadian dollar were to be issued in the future, it will continue to provide bank notes for those who want them.

To take part in the consultation, click here.

At Open Banking Expo Canada on June 15, speakers from Payments Canada, Wealthsimple and Scotiabank, will be taking part in a panel debate on ‘Achieving coherence: Strategies for a stable and secure Canadian financial system’. To find out more about the agenda and register for tickets, click here.