At the end of November 2023, the Bank of Canada published a report that outlined the results of its public consultations on a central bank digital currency which I covered in this posting. The Bank admitted the following:
1.) Canadians place a high value on holding cash that is backed by their central bank and want to maintain access to bank notes.
2.) Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right.
3.) A digital dollar should be easily accessible and should neither add barriers nor worsen existing ones.
4.) A digital dollar should not add to financial stability risks.
...and, most importantly, stated this:
"Whether and when a digital dollar will become needed is uncertain. Ultimately, the decision to go ahead with a digital dollar belongs to Canadians, through their representatives in Parliament.
The Bank will continue to engage with stakeholders on the key issues and features that matter most to Canadians, such as privacy, accessibility and inclusion, security and technology, financial stability and the design of a business ecosystem. Canadians will have more opportunities to provide input on a potential digital Canadian dollar."
The report clearly showed that Canadians were not in favour of a digital currency now or in the future.
That said, recent developments would suggest that the Bank of Canada is preparing itself to issue a central bank digital currency with or without the approval of Main Street Canada. On December 13th, 2023, the Bank of Canada filed applications with the Canadian government's Registrar of Trademarks under the Trademarks Act for the following "marks" that it wishes to protect for its own use:
2.) Digital Dollar:
3.) CENTRAL BANK DIGITAL CURRENCY which is defined as follows:
a.) Programmable, exchangeable digital currency; programmable, exchangeable digital currency wallet; exchangeable central bank digital currency; portable, exchangeable digital currency.
b.) Issuance and distribution of digital currency; exchange of central bank digital currency asset from one entity to another; conversion to and from other forms of money; online platform for maintaining and using technology for financial transactions; offline platform for maintaining and using technology for financial transactions.
Now, you might think that this is just a central bank preparing for the possibility that, at some point in the future, the Canadian government may just approve the issuance of a Canadian central bank digital currency, however, you need to keep in mind that the Trudeau government is a world leader when it comes to following the diktats of the World Economic Forum, thanks to this individual who just happens to be Canada's Deputy Prime Minister, Finance Minister and a member of the World Economic Forum's Board of Trustees:
The World Economic Forum is heavily involved in the implementation of digital currencies through its Digital Currency Governance Consortium as you can read here:
...and here where it outlines the advantages to CBDCs:
One thing that Canadians can assure themselves of is that the bank account freezing Freeland will heavily favour the implementation of a digital currency that can be used to control the behaviour of Canadians should she happen to be in a position of political power when the digital Canadian dollar is brought into existence.
They claim the role of these digital currencies is to support financial services for a nation’s government and its commercial-banking system. Still, it will replace much of the physical currency we use today. The premise of why this is being done deserves to be scrutinized. This is about control, more on this subject below.
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