In a surprising shift, the Bank of Canada (BOC) has officially abandoned plans for a central bank digital currency (CBDC), also referred to as a digital "loonie." After years of research and exploration into the implications of a digital dollar, the BOC’s decision reflects not only significant public skepticism but also a renewed commitment to enhancing existing payment systems rather than pursuing a digital alternative. This move comes as Canadians express a clear preference to maintain cash as a primary means of transaction, questioning the necessity and implications of a state-backed digital currency.
Plans by the Bank of Canada (BOC) to implement a digital “dollar,” also known as a central bank digital currency (CBDC), have been shelved.
After spending years taking steps toward its creation, the Bank of Canada is now saying it will not be pursuing the release of a central bank digital currency.
LifeSite News reports: Officials from Canada’s central bank said that a digital currency, or electronic “loonie,” will no longer be considered after years of investigating bringing one to market.
“The Bank has undertaken significant research towards understanding the implications of a retail central bank digital currency, including exploring the implications of a digital dollar on the economy and financial system, and the technological approaches to providing a digital form of public money that is secure and accessible,” the bank said, according to the Canadian Broadcasting Corporation.
Instead of using resources to create a digital dollar, the central bank said it will instead look at evolving the “payment” processes in Canada.
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Most Canadians do not want a digital dollar, as previously reported by LifeSiteNews. A public survey launched by the BOC to gauge Canadians’ taste for a digital dollar revealed that an overwhelming majority of citizens want to “leave cash alone” and not proceed with a digital iteration of the national currency.
The BOC last August admitted that the creation of a CBDC is not even necessary, as many people rely on cash to pay for things. The bank concluded that the introduction of a digital currency would only be feasible if consumers demanded its release.
The reversal comes after the BOC had already forged ahead and filed a trademark for a digital currency, LifeSiteNews previously reported.
In August, LifeSiteNews also reported that the Conservative Party is looking to gather support for a bill that would outright ban the federal government from ever creating a CBDC, and make it so that cash is kept as the preferred means of settling debts.
Conservative leader Pierre Poilievre promised that if he is elected prime minister he would stop any implementation of a “digital currency” or a compulsory “digital ID” system.
Prominent opponents of CBDCs have been strongly advocating that citizens use cash whenever possible and boycott businesses that do not accept cash payments as a means of slowing down the imposition of CBDCs.
Digital currencies have been touted as the future by some government officials, but, as LifeSiteNews has reported before, many experts warn that such technology would ultimately restrict freedom and be used as a “control tool” against citizens similar to China’s pervasive social credit system.
As of October 2023, there are ongoing discussions within the Conservative Party regarding legislation to prohibit the creation of a CBDC in Canada. Party leader Pierre Poilievre has emphasized a commitment to preserving cash as the preferred method of payment, suggesting a growing political movement against digital currencies amidst public concerns about privacy and control.