(OTTAWA) The Bank of Canada says it wants to hear from Canadians on what features a possible digital Canadian dollar should have.
In an online survey that will run through June 19, the central bank is asking the Canadian public what they think of a range of design options, including the ability to use currency offline, retrieve funds lost due to theft and transacting without a bank account.
A digital currency would be different from cryptocurrencies because it would be backed by the central bank and its value would not change, since it would just be another form of Canadian currency.
The Bank of Canada says that while it doesn’t see the need for a digital dollar now, it is preparing for the potential need ahead.
She explains that a digital currency might be needed if cryptocurrencies or digital currencies issued by other countries become used enough domestically to begin to undermine the role of an official, centrally issued currency.
The Bank of Canada believes that a digital currency may also be necessary if the increase in digital transactions makes it more difficult to use money and thus risks preventing many Canadians from participating in the economy.