Canadians still don't like the cryptocurrencies of central banks

 

Canadians still

don't like

the cryptocurrencies of central banks

On November 29, the Bank of Canada released the results of

its general survey on central bank cryptocurrencies.

According to the report

Canadians were generally opposed to the idea of

accrediting the Central Bank's Canadian digital dollar

citing their preference for monetary use and concerns

about the impact of low privacy

availability and financial stability risks.

The Bank of Canada also expressed reservations regarding

its ability to implement the central bank's digital currency.

Discussions with civil society

\and focus groups illustrate some of the potentially difficult requests to meet

such as access to central banks' digital currencies without

the need for identity documents.

Additionally

Canadian retail banks have expressed concerns about

extracting deposits from their accounts should the central bank's

digital currency (CBDC)

be launched. They also expressed their desire to

participate in any potential Canadian digital currency programme.

Finally

all parties agree that the final decision must be taken by Parliament.

Ottawa announced:

Monetary sovereignty is its main priority, but it welcomes

the United States' launch of a central bank digital currency (CBDC)

if it is to be widely accepted.

Many expressed concerns about

the impact of widespread global use of digital currencies on

privacy and the likelihood of misuse.

The Bank of

Canada report looks familiar to

anyone who follows :

the development of central banks' cryptocurrencies

around the world. Citizens' concerns about privacy

and possible government intervention are constantly repeated

if they possess too much control.

Actions such as those taken

by Canadian Prime Minister Justin Trudeau during

the truck drivers' protest in 2022

will not be enough to encircle these concerns.

Trudeau's Government

Trudeau's government froze several bank accounts

and seized donations collected via bitcoin during the confrontation

which was described as a battle between civil liberties

and the authoritarian government.

However

the use of central banks' cryptocurrencies

does not necessarily

mean relying on government control systems.

The world's first electronic

cash system is specifically designed for such cases.

BSV blockchain series:

It is the original bitcoin protocol that has been properly restored

and implemented as a monetary system.

Transactions

are performed from person to person without

the need for a reliable third party.

The BSV blockchain also

allows cryptocurrencies to be issued to central banks

such as the digital dollar and others, enabling them to run on bitcoin.

Issuing and implementing

a Central Bank Digital Currency (CBDC)

on Bitcoin will greatly contribute to addressing concerns expressed

by citizens around the world.

Governments would not be able to take full control of the Statute

and although funds could be frozen and digital assets could be recovered

judicial orders were required.

In addition

identity systems can be built based on bitcoin blockchain

increasing accessibility and reducing bureaucracy and inefficiency.

Although there is no ideal solution to

everyone's satisfaction, central bank cryptocurrencies

(CBDCs)

based on bitcoin blockchain are a logical choice and strike

the right balance between different concerns.