Digital loonie? Bank of Canada wants your thoughts on potential new currency – National | Globalnews.ca

The Bank of Canada wants to know what Canadians think about the possibility of a digital loonie.

Consultations on what Canadians would like to have included in a digital currency are open online from May 8 until June 19, the Bank of Canada said Monday.

The central bank notes, however, that the decision to launch a digital version of the Canadian dollar remains in the hands of Parliament and physical coins and banknotes aren’t going anywhere.

The central bank wants to know how Canadians would use a hypothetical digital currency, as well as any concerns they have about security and accessibility.

While the bank reassured Canadians in its announcement that physical banknotes will always be available to those who want them, it said in a release there could be a future where cash transactions are not common in day-to-day banking, which could inadvertently exclude some from the financial system.

It added that if other central banks or private organizations eventually adopt their own digital currencies, falling behind could be a risk to Canada’s economy and the stability of the financial system.

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

More to come.

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