Bank of Canada cancels plans to develop a digital currency

10/07/2024 / By Zoey Sky

The Bank of Canada (BOC) has announced that it is scrapping its plans to implement a “digital dollar” or central bank digital currency (CBDC).

Officials from Canada’s central bank said a digital currency, also called the electronic Loonie, will no longer be considered after years of planning. Earlier reports revealed that most Canadians were not in favor of a digital dollar. According to a survey conducted by the BOC to measure citizen’s preference for a digital dollar, the majority of citizens want to “leave cash alone” and not proceed with a digital iteration of the national currency.

In August, the BOC admitted that the?creation of?a CBDC was not necessary because many Canadians still use cash to pay for items and services. The bank concluded that the introduction of a digital currency would only be possible if consumers demanded its release.

The announcement follows after the BOC reportedly filed a trademark for a digital currency.

A previous report also found that the Conservative Party is trying to gather support for a bill that would ban the federal government from ever creating a central bank digital currency, and make it so that cash is still the preferred means of settling debts.

Meanwhile, Conservative Party leader Pierre Poilievre has vowed that if he is elected prime minister he?would stop any?implementation of a digital currency or a compulsory digital ID system.

The vocal opponents of CBDCs have been encouraging citizens to use cash whenever possible and boycott businesses that do not accept cash payments to slow down the imposition of CBDCs. While some have claimed that digital currencies are the future, many experts warn that they could be exploited to “ultimately restrict freedom” and be used to control citizens, like what is happening to China’s draconian social credit system.

Other countries still eyeing development of digital currencies

According to a database from the Atlantic Council, a Washington, D.C.-based international affairs think-tank, more than 130 countries are exploring the idea of developing CBDCs.

However, only seven central banks have launched a CBDC so far: the Central Bank of The Bahamas; the Central Bank of Nigeria; the Bank of Jamaica; the People’s Bank of China; the Reserve Bank of India; the Bank of Russia; and the Eastern Caribbean Central Bank – the international central bank of eight eastern Caribbean nations and territories. (Related: BIG BROTHER ALERT: CBDC projects around the world not installing privacy safeguards, British privacy organization finds.)

Karl Schamotta, chief market strategist with Corpay, which helps Canadian companies deal with currency risk, explained that the cryptocurrency revolution has highlighted the need to focus more on “innovation.”

Schamotta added that countries must also “preserve safety and many of the features of the monetary system that have been created over centuries and tested out over time.” He said that because a digital currency doesn’t offer many advantages right now, it’s not surprising that Canada’s central bank has lost its enthusiasm for the previously announced plans for a digital dollar.

Go to CryptoCult.news for similar stories about digital currencies.

Watch the video below as Health Ranger Mike Adams discusses how digital dollars can be used to trap and enslave the masses.

This video is from the Health Ranger Report channel on Brighteon.com.