Bank of Canada seeks public input on potential digital loonie

The Bank of Canada on Monday started a request for comments from the public on features that should be included in a digital dollar should the central bank issue one. "The way Canadians pay for everything from the daily necessities to major purchases is evolving rapidly," the bank said in a statement. "As the world becomes increasingly digital, the Bank — like many other central banks — is exploring a digital version of Canada's national currency." The central bank further said that a digital Canadian dollar is not yet needed and any decision to proceed with one rests with Parliament and the Government of Canada. That's similar to the U.S. Federal Reserve's stance that it wouldn't issue a U.S. central bank digital currency unless Congress approved its issuance. The Bank of Canada is seeking opinions on such topics as: How people would likely use a digital Canadian dollar; What security features are important; and Concerns about accessibility and privacy. “We want to hear from Canadians about what they value most in the design of a digital dollar. This will help us make design choices and ensure that it is secure, reliable and meets the needs of Canadians,” Senior Deputy Governor Carolyn Rogers said. In the event that the BoC does issue a CBDC, it would continue to provide bank notes as well, it said. "Cash isn't going anywhere." The public consultation runs until June 19. The Bank of Canada will publish a report summarizing the public consultation later this year. Early in 2022, the U.S. Federal Reserve issued a discussion paper on issuing a CBDC, but didn't stake any specific stance. Later in the year, Fed Chair Jerome Powell said the central bank would require backing from Congress to proceed with creating a CBDC. More on CBDCs: CBDCs are the future of money, payments as most of the globe explores them: BofA Japan's central bank to conduct CBDC experiments with three banking giants Thailand's central bank planned to pilot retail CBDC by year-end 2022 U.S. CBDC could preserve U.S. dollar's standing, Jerome Powell said last year