The Bank of Canada finds that Canadians are cautious about adopting digital Canadian dollars

Canadian consumers are skeptical about the Bank of Canada (BOC)'s early widespread adoption of the digital Canadian dollar concept. The Bank of Canada recently conducted a study to understand changes in consumer payment preferences, with the ultimate goal being to prepare for the development of an internal central bank digital currency (CBDC).

A research report released by the Bank of Canada on October 28 reaffirmed Canadians' long-standing preference for traditional legal payment systems, while more and more people support issuing a digital Canadian dollar. In contrast, in the latest survey, 42% of participants had a good initial impression of the hypothetical digital Canadian dollar, while only 20% completely "disliked" or "hated" this idea. The remaining 38% either held neutral attitudes or expressed lack of understanding about this technology.