Majority of Canadians Willing To Use CBDC, Believe Their Privacy Will Be Guarded: Survey

The majority of citizens in the second-largest North American economy are willing to put their trust in a central bank digital currency (CBDC).

According to a survey performed by WealthRocket, nearly 60% of surveyed Canadians say they are open to the idea of a CBDC.

“59% of Canadians are willing, to varying degrees, to use a central bank digital currency (CBDC) if one ever becomes available, and 25% would use it in place of cash.

56% of Canadians are concerned about the potential for fraud with a CBDC, as well as the risk of cyber attacks (53%), potential misuse of personal data (44%), and lack of anonymity with transactions (35%).

51% of Canadians are somewhat confident in the Bank of Canada to safeguard their privacy if a CBDC is implemented, while 25% aren’t confident at all.”

The Bank of Canada has stated that they do not have any current plans to introduce a CBDC but are making necessary preparations in case its parliament requests it in the future.

The Bank of Canada conducted the public consultation on CBDCs from April to June. Canadians were asked about their payment habits, how they would utilize a CBDC, and their level of trust in the government and institutions to safeguard their data.

The central bank intends to use the feedback gathered during the consultation to guide the ongoing development of CBDCs.

At least 130 countries, including Canada, are currently exploring CBDCs. Of the 20 G20 countries, 19 have CBDC programs in early development, according to recent reports.

You can read the full WealthRocket report here.

Featured Image: Shutterstock/Digital_Art