A recent WealthRocket survey found that the majority of Canadians (59%) would be willing to use a central bank digital currency (CBDC) if the Bank of Canada decided to launch one. However, the figure may have some nuances, as 43% of all respondents would only be ‘somewhat’ willing.

CBDC ambivalence

The devil is in the details, as only 16% would be very or extremely willing to use CBDC, compared to 25% who would not consider using it at all. Most people (43%) leaned towards the ‘somewhat willing’ option, but a significant proportion (16%) did not feel confident enough to give a definitive answer.

This lack of awareness suggests the need for a more effective public communication campaign. The Bank of Canada has been holding a public consultation to explain its motivations and address citizen concerns when it comes to CBDCs, but many people still don’t know what to expect.

CBDC Impact on Cash

Part of this confusion may be related to concerns about the future of physical cash. Almost half of those surveyed said they are concerned that CBDCs will phase out notes and coins, and with 63% of people saying they would be willing to use a CBDC instead of cash (25% yes; 38% maybe ), that could well be the case.

Cash payments decreased 62% between 2016 and 2021, and now account for just 10% of total Canadian payments. In contrast, credit and debit cards together represent 66%.

Privacy and other concerns

Finally, the survey also highlighted other significant Canadian concerns regarding CBDCs, including the potential for fraud (56%), the risk of cyberattacks (53%), and “unpredictable consequences” (41%).

The reservations list also included the possible loss of control over personal finances at 39%, which speaks to a broader fear about privacy guarantees. Last year, the Canadian government froze the bank accounts of some Covid protesters after they occupied the country’s capital for three weeks, leaving many wondering if a CBDC could yield similar results in the future.

Yet despite these fears, 51% of Canadians say they have at least some confidence that the central bank will protect their privacy, compared to 25% who don’t trust it at all.