What would a digital Canadian dollar look like? Public input wanted
BNN Bloomberg
The Bank of Canada has launched a public consultation on what a digital version of the dollar could look like.
“As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever the future holds,” Senior Deputy Governor Carolyn Rogers said in a statement.
Currently, the Bank of Canada says there isn't a need for a digital dollar, nor has it been tasked with creating one by the federal government. However, the bank says if one is deemed necessary in the future, it wants to be prepared with a design that would benefit Canadians.
In a video posted to YouTube, the bank said the digital dollar wouldn't replace physical cash, but would be a digital equivalent and carry the same value. It could theoretically be used to buy everyday items and work similar to a bank card. In the video, the central bank explained that the digital currency could still be used in the event of an internet or similar outage.
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