You may have heard that the Bank of Canada is working on something called a central bank digital currency (CBDC) or a digital Canadian dollar. It doesn't exist yet, but we're getting ready in case one day Parliament and the Government of Canada ask us to issue one.

A digital Canadian dollar would be similar to Canadian bank notes, but in digital form; it would be backed by the Bank of Canada, with the added benefit that it could also be used online.

A digital dollar wouldn't replace cash — we will continue to supply bank notes as long as Canadians want them. It would simply be another way to pay.

We don’t see a need for a digital Canadian dollar right now. However, people tend to use cash less often these days: most payments are already digital, such as using debit or credit cards. If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions. That might be the tipping point when a digital dollar could be needed.

Tell us what you think about a digital Canadian dollar and which features might be important to you.

Please be assured that your feedback will be kept anonymous, confidential, and be reported in aggregate only.

If you have any technology-related issues while completing the survey, please reach out to survey@forumresearch.com.

For any other questions about this consultation, please contact the Bank of Canada at info@bankofcanada.ca. Agents can also be reached by phone at 1-800-303-1282 (toll-free, North America) or TTY at 1-888-418-1461.

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