Central Bank Digital Currencies (CBDCs) have been gaining prominence around the world over the last couple of years and Canada has not been left out. However, unlike some countries where these central bank-issued digital currencies seem to be picking up steam, Canadians have not been as welcoming. To this end, the Bank of Canada has carried out a new study to figure out what the hindrances are when it comes to CBDC adoption in the country.
The Roadblocks To CBDC Adoption
In the discussion paper titled “Unmet Payment Needs and a Central Bank Digital Currency,” the Bank of Canada highlights that one of the prominent factors serving as a hindrance to CBDC adoption in the country is that Canadians do not really have a need to.
In contrast to underdeveloped and developing countries where the main pain points are lack of access to the internet and the devices needed to use this technology, the vast majority of Canadians are already fully online. However, there are already a number of cas
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