Bank of Canada Digital Dollar Consultation Report
6525 sats \ 9 comments \ @grayruby 1 Dec 2023 bitcoin
Great recap Mags posted on Nostr regarding the BoC report on digital dollar consultation. Unfortunately, I am not able to link the post but here is the text:
Canadians do not want a CBDC. Today the Bank of Canada dropped a report from its #CBDC consultations. Some highlights:
9 out of 10 Canadians don't trust the Bank of Canada to issue a secure #CBDC. In fact, there's not a lot of trust in government, tech companies or government in this regard.
Privacy is the most sought after design feature in a CBDC. Canadians value the ability to give, refuse or withdraw consent to the use of their personal info & ability to hold an anonymous amount of money over being able to recover funds.
The survey show that Canadians just aren't interested in using a CBDC & most would never use it.
Furthermore, Canadians want The government to enact regulations that require merchants to accept cash so it remains an option.
I suspect that Canada's response to the truckers protest was an eye opener: the government shut down access to banking of Canadians that donated to the truckers (which at the time was legal) - this happened in a G7 country, & not an authoritarian state.
1 in 7 Canadians uses or owns Bitcoin or crypto. The Bank of Canada has conducted studies on Bitcoin every 2 years, but the data set for this report is much larger (90k Canadians) than previous reports (~2k). Thus, this report provides a good picture of what Canadians want - or don't want.
Also, I don't believe this report was skewed by bitcoiners because previous studies by the Bank of Canada and Ontario Securities Commision had similar numbers & this is a larger sample.
Hope this consultation was informative to Bank of Canada & policy makers.
The full study can be accessed here: https://www.bankofcanada.ca/2023/11/what-we-heard-bank-of-canada-publishes-report-on-digital-dollar-consultations-outlines-further-engagement-plans/
The overall reaction 😅
Grayruby comment: TLDR no one trust the gov, no one trusts the central bank, no one wants a CBDC. I could not find Mags on SN so I will zap her on nostr all zaps this post receives.
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1423 sats \ 0 replies \ @grayruby OP 1 Dec 2023
FYI @kr
I know you posted about this earlier.
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1398 sats \ 2 replies \ @siggy47 1 Dec 2023
This is encouraging. I doubt the sentiment would be similar south of the border. Maybe the U.S. need it's own version of a trucker's protest.
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2031 sats \ 1 reply \ @grayruby OP 1 Dec 2023
I know Mags provided data of similar results in other surveys but I do think the people who responded were highly motivated to make the anti-cbdc case. I know I responded, had my wife respond and a couple friends too.
I am pleased regardless. Even if it was skewed ideologically. If it slows them down or makes them rethink then it's a win.
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100 sats \ 0 replies \ @Undisciplined 2 Dec 2023
I'm incredibly heartened by this. Good job Canada! You were cool once and you can be cool again.
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100 sats \ 1 reply \ @gnilma 2 Dec 2023
Us people from the North are simply based.
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21 sats \ 0 replies \ @grayruby OP 2 Dec 2023
A small percentage of us.
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50 sats \ 1 reply \ @clr 2 Dec 2023
Can somebody please explain to me why is there such a disconnect between what people answer in these surveys and what they actually do? If they distrust banks, the government and tech companies so much, why do they comply and give their personal data away when they are requested, even if it is not mandatory? Why do they pay with card instead of using cash or bitcoin? In other words, if people are supposedly so awake, why is the world in this state of oppression?
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10 sats \ 0 replies \ @grayruby OP 2 Dec 2023
I do think the survey is somewhat skewed to those ideologically inclined to distrust gov, banks etc. I also think there is only so far these entities can push things until people say enough is enough.
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50 sats \ 0 replies \ @Undisciplined 2 Dec 2023
I suspect that Canada's response to the truckers protest was an eye opener: the government shut down access to banking of Canadians that donated to the truckers (which at the time was legal) - this happened in a G7 country, & not an authoritarian state.
Let this be a reminder that "legal" is just what the state won't punish you for and that all states are potentially authoritarian.
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