Nearly Canada’s 60% population supports the Central Bank Digital Currency (CBDC) plan.
Canada is a highly friendly environment for crypto investors, as no one business & individual crypto investors are required to pay tax over profit/loss. Canadian crypto laws prohibit people from using the crypto payment for goods & services.
Recently WealthRocket surveyed to find out the opinion of Canadians ahead of the country’s CBDC plan, a centralized form of digital money powered by blockchain technology.
Survey findings noted that 59% of the surveyed people are happy with the CBDC idea and they are confident that they will get sufficient & enough privacy with CBDC payment. 25% of people said that they will completely shift from CBDC payment to cash payment if CBDC will be available to use.
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56% of surveyed people pointed out risks associated with CBDC payment & the identity attached to the CBDC payment wallet. According to 44% of respondents, bad actors can misuse the CBDC data which may further promote cyber attacks.
Nearly 35% of respondents said that it will be challenging for them to adopt CBDC over cash, as CBDC payment will not remain anonymous like a cash payment.
51of % of respondents expect that the country’s central bank will try will keep CBDC payment systems under a financial privacy act, to ensure that money transactions remain anonymous. While 25% of respondents are 100% sure that their transactions will remain full of privacy.
US, Digital Dollar, & Controversy
After the successful rollout of China’s CBDC, or say digital Yuan, the US fed agencies faced huge peer pressure to develop the digital dollar, so that American dollar always remain top in the fiat currencies dominance list.
Over the last 12 months, huge numbers of government & non-government celebrities raised concerns ahead US digital dollar plan citing the privacy vulnerability of citizens. Some US state mayors talked about the CBDC concept & said that proper rules & regulations should be on top of any such kind of new payment system otherwise people will not feel confident to use CBDC in daily life needs.
Read also: Russia’s supporter Belarus will ban crypto payment transactions
Canadians supporting the CBDC plan & expecting better financial privacy
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