Most Canadians who are open to using CBDC are confident that their personal information will be secure

Most people in the country with the second-largest economy in North America are ready to put their faith in a digital currency issued by the country’s central bank.

WealthRocket conducted a study asking Canadians about their attitudes toward CBDCs and found that approximately 60% of respondents were receptive to the concept.

59% of Canadians would be open to using a CBDC if one were ever made accessible, with 25% saying they would use it in lieu of cash.

Concerns about fraud, cyber threats, personal data abuse, and lack of anonymity in transactions are shared by 56% of Canadians, 53% of Americans, and 44% of Europeans and Asians.

Fifty-one percent of Canadians have some faith in the Bank of Canada to protect their privacy if a CBDC is introduced, while twenty-five percent have no faith at all.

The Bank of Canada has declared that it does not intend to create a CBDC at this time but is taking the required steps to be ready in the event that the country’s parliament seeks such a move in the future.

Canadians were polled on their payment preferences, potential uses for a CBDC, and confidence in the reliability of governmental and institutional safeguards for personal information. The consultation is intended to help the central bank choose how to proceed with CBDCs.

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