Respondents to Bank of Canada questionnaire largely oppose creating a digital loonie

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“The way people pay for things and use money is changing. If Canadians decide a digital dollar is necessary, our obligation is to be ready.” Conservative Leader Pierre Poilievre has vehemently opposed the creation of a digital currency, proposing last year to ban the Bank of Canada from creating one. At the same time, he has previously promoted the use of cryptocurrencies and suggested it offered Canadians a way to opt out of inflation, though he has shifted away from the topic more recently. The central bank also sought out the thoughts of other stakeholders on the creation of a digital currency, including the financial sector and civil society organizations. Financial sector stakeholders said they wanted more information on how a digital currency would work to better understand the implications for their business models. The Bank of Canada’s engagement with civil society groups that advocate for Canadians with disabilities, consumers and low-income Canadians found these groups mainly supported a digital currency if its design would remove existing barriers. This report by The Canadian Press was first published Nov. 29, 2023.

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