People who were aware of CBDCs were more reluctant to adopt the technology when compared with those who didn’t know about it.
A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption.
Through the “Digital Canadian Dollar Public Consultation Report,” the Canadian central bank intended to identify a place for CBDCs in a world dominated by digital fiat payments and credit cards. However, in a survey that amassed 89,423 responses, Canadians demanded regulations requiring merchants to accept cash as payment.
The Bank of Canada’s report shows that nearly 95% of the respondents either heard or were familiar with the concept of a digital Canadian dollar.
Of the respondents, 93% primarily make paper cash payments daily but also use credit and debit cards and other modes of online payments.