Bank of Canada finds little reason for Canadians to adopt a CBDC, RCMP wants a digital repository for seized crypto BankofCanada centralbankdigitalcurrency CBDC
- An investigation conducted by the Bank of Canada has found that the average Canadian sees little reason to adopt a central bank digital currency , which could lead to problems with such a product being broadly accepted should the central bank ultimately decide to release a digital loonie.
The BoC made a point to stress that it is “committed to supplying cash as long as demand for it remains,” and “will not unilaterally stop supplying bank notes.” “Currently, most Canadian consumers do not experience gaps in their access to payment methods, and this will likely remain the case in a cashless environment,” the BoC said. “Some people could, however, face difficulties making payments if cash were no longer widely accepted as a method of payment.”
“However, the dominant consumer groups in this analysis may have relatively weak incentives for adopting and using a CBDC, so achieving widespread merchant acceptance could be challenging,” the BoC added. “With the rise of new and innovative methods to store and transfer assets, Canadian Law enforcement needs a safe and secure method to identify and seize said assets,” the RCMP said. “This challenge aims to leverage the private sector's innovation to develop a system used by the police to seize and store the ill-gotten gains from criminal activities.”
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