BusinessPostCorner.com
No Result
View All Result
Tuesday, July 15, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Latest Bank of Canada Report Highlights Lack of Incentives For Canadians to Adopt CBDC

August 11, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
Latest Bank of Canada Report Highlights Lack of Incentives For Canadians to Adopt CBDC
ShareShareShareShareShare
Source: Pixabay

Bank of Canada, the country’s de-facto central bank, came up with a recent report that sheds light on the reluctance of the country’s citizens to readily adopt a central bank digital currency (CBDC).

Published Thursday, the report dubbed – ‘Unmet Payment Needs and a CBDC’ – highlights the lack of incentives for Canadians to adopt a CBDC. It further said that most citizens are satisfied with existing payment methods such as cash, credit/debit cards and bank accounts.

“The large mass of consumers who are most needed to drive adoption have the weakest incentives to adopt and consistently use a payment-oriented CBDC because they currently have access to a range of payment methods.”

The report analysed a hypothetical scenario where cash is virtually eliminated to identify a CBDC’s role and its needs for the unbanked. However, the paper said that most Canadians are happy with the current payment choices.

Obstacles to CBDC Adoption

Per the report, ownership and use of other cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are “even less significant,” suggesting that early adopters represent only a small portion of the population.

“Even the well-connected consumers and early adopters would experience significant challenges meeting their payment needs without cash,” the paper wrote.

“98% of Canadian adults have a bank account and a debit card and 87% also have a credit card,” it added.

However, according to the bank’s analysis, if cash is removed from the payment system, most people would typically use various electronic methods using debit and credit cards as well as cheques and e-banking to meet their payment needs. Those customers who are strictly cash-dependent would be the most adversely affected.

Further, the paper said that barriers faced by both users and merchants to widely adopt a CBDC would be “significant,” even though many could be interested in using it for various reasons.

Bank of Canada Analyses Alternative Methods

The bank laid out alternative measures “that could reduce the constraints that adversely affect payment access” and improve financial inclusion.

As a remedy, the paper suggested non-CBDC ways that would benefit the unbanked such as improving internet access, especially in rural and remote areas, providing customers the option of low-cost bank accounts, and increasing collaboration with retailers, financial institutions and payment service providers, among others.

The bank stressed the importance of sustaining bank notes “as a simple method of payment and store of value.”

“It is important that the Bank of Canada continues to work to maintain the efficiency of the cash infrastructure and cash accessibility [and] make investments to provide high-quality bank notes that all Canadians can use with confidence.”


Credit: Source link

ShareTweetSendPinShare
Previous Post

UBS ditches $10bn state backstop for Credit Suisse deal

Next Post

The Importance of Self-Awareness: How Embracing Growth

Next Post
The Importance of Self-Awareness: How Embracing Growth

The Importance of Self-Awareness: How Embracing Growth

Donald Trump threatens new tariffs on Canada

Donald Trump threatens new tariffs on Canada

July 11, 2025
How Recognition Data Uncovers Skills and Unleashes Potential

How Recognition Data Uncovers Skills and Unleashes Potential

July 8, 2025
7 best CRMs for retail businesses in 2025

7 best CRMs for retail businesses in 2025

July 14, 2025
It’s time to address the real problems with hybrid work

It’s time to address the real problems with hybrid work

July 10, 2025
How a nonprofit CEO rallied 200 businesses to help score billions in child care wins as part of Trump’s Big Beautiful Bill

How a nonprofit CEO rallied 200 businesses to help score billions in child care wins as part of Trump’s Big Beautiful Bill

July 11, 2025
Coursera founder Daphne Koller on receiving a MacArthur genius grant: ‘It wasn’t me’

Coursera founder Daphne Koller on receiving a MacArthur genius grant: ‘It wasn’t me’

July 9, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Deadly ICE raids on California cannabis farms yield over 360 arrests in one of largest anti-immigrant crackdowns by Trump

Deadly ICE raids on California cannabis farms yield over 360 arrests in one of largest anti-immigrant crackdowns by Trump

July 15, 2025
LA Sheriff’s Deputies Used Badges to Help Crypto ‘Godfather’ Extort Victims

LA Sheriff’s Deputies Used Badges to Help Crypto ‘Godfather’ Extort Victims

July 15, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!