A recent discussion paper from the central bank of Canada revealed that the majority of Canadians have easy access to financial services, making it less likely for them to use a central bank digital currency (CBDC). The paper suggests that the current financial infrastructure in Canada adequately meets the needs of the population, reducing the incentive to adopt a CBDC. The study further highlights that the existing banking system, along with various online and mobile payment options, provides Canadians with sufficient avenues for conducting their financial transactions.
The findings of the discussion paper challenge the notion that a CBDC is essential for ensuring financial inclusion and accessibility. While many countries are exploring the potential of CBDCs, Canada’s strong and developed financial services sector seems to offer a satisfactory level of accessibility. However, the central bank continues to monitor the situation and stays open to the possibility of introducing a CBDC in the future if the need arises.
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