The Bank of Canada and its Digital Dollar Ecosystem

With 120 nations taking part in one of the greatest monetary experiments of all time as shown here:

 

...a recent announcement from the central bank of one of the world's most globalist-centric nations is not surprising.

 

Here is the announcement from the Bank of Canada:

 

 

Here are some interesting excerpts from the press release with my bolds:

  

"The way Canadians pay for everything from the daily necessities to major purchases is evolving rapidly. As the world becomes increasingly digital, the Bank—like many other central banks—is exploring a digital version of Canada’s national currency.

 

“As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers.

 

At this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada."

  

That said, Canadians can assure themselves that as long as this person is pulling the strings in Parliament....

 

...a Canadian version of a CBCD is guaranteed.

  

The Bank of Canada is looking for input regarding a digital dollar on issues including:

 

1.) how people would likely use it

 

2.) what security features are important

 

3.) what concerns you have about accessibility and privacy

  

Here is a key excerpt:

 

"The Bank has been providing bank notes to Canadians for more than 85 years. Cash is a safe, accessible and trusted method of payment that anyone can use, including people who don’t have a bank account, a credit score or official identification documents.

 

If a digital Canadian dollar is issued in the future, the Bank will continue to provide bank notes for those who want them. Cash isn’t going anywhere.

 

However, there may come a time when bank notes are not widely used in day-to-day transactions, which could risk excluding many Canadians from taking part in the economy."

  

Again and again we hear from central bankers that, if a digital currency ecosystem is implemented, cash will still be part of the economy.  And if you believe that....

 

So, why would the Bank of Canada bother to issue a CBDC?  Here's the reason:

 

"It’s also possible that private cryptocurrencies or central bank digital currencies issued by other countries could become widely used in Canada in the future. This could compromise the role of an official, centrally issued currency—the Canadian dollar—in our economy and pose a risk to the stability of our financial system.

 

A digital Canadian dollar would ensure Canadians always have an official, safe, and stable digital payment option issued by Canada’s central bank."

The online public consultation period runs from May 8th to June 19th, 2023.  The Bank will publish the findings of the consultations later this year.  

One might almost think that the Bank of Canada really cares what Canadians think about this sea-change in Canada's monetary ecosystem.  Unfortunately, with Chrystia Freeland clearly signalling that the Trudeau government is quite comfortable locking people out of their own savings during the Trucker's Protest in early 2022, it is quite clear that the ultimate goal of a digital Canadian dollar is to further control Canadians' behaviours.