Canadiens Still Defying The Digital Dollar
Adoption is not guaranteed by high CBDC awareness. Most people would rather use physical money than digital money.
The Bank of Canada recently held a public consultation on the topic of a central bank digital currency (CBDC), and Canadians showed an unexpected lack of enthusiasm for the idea.
There is a lot of knowledge about CBDCs, yet over 89,000 people have given unfavorable comments, thus it’s unclear whether the Digital Canadian Dollar will be widely accepted.
Among the most noteworthy conclusions drawn from the “Digital Canadian Dollar Public Consultation Report” was the fact that over 95% of respondents were conversant with or knew what a digital Canadian dollar was. In a normal world, this degree of understanding would be a good sign that such a currency would be adopted.
On the other hand, 93% of respondents still use real money for everyday transactions, so it seems like most Canadians still prefer the old-fashioned paper cash method. High knowledge does not always lead to excitement about digital alternatives, as this shows.
Respondents clearly preferred current payment methods to the idea of a CBDC, according to the study. Actually, most people who took the survey said the Bank of Canada should stop working on the digital currency. Canadians seem to be satisfied with their present payment alternatives, which include a variety of online payment methods, credit and debit cards, and the strong opinion against the implementation of CBDCs.
The fact that people who were familiar with CBDCs were less likely to adopt the technology than those who were unaware of it was one of the most interesting things found throughout the consultation. This surprising result calls into question the hypothesis that more knowledge always results in a greater openness to using new digital currencies.
Although most people were skeptical and resistant to CBDCs, a tiny subset of people who had dealt with cryptocurrencies like Bitcoin (BTC) before were more interested in trying them out. Users having prior experience with digital assets may be more receptive to trying out other kinds of digital money, according to this finding.