59% of Canadians Open to Using CBDC Despite Concerns

• A survey by WealthRocket shows that 59% of Canadians are willing to use a central bank digital currency (CBDC), if available.
• 56% of Canadians are concerned about the potential for fraud and cyber attacks, as well as misuse of personal data and lack of anonymity with transactions.
• The Bank of Canada is preparing for a CBDC but has no current plans to introduce one.

Majority of Canadians Willing To Use CBDC

A survey performed by WealthRocket has found that nearly 60% of surveyed Canadians say they are open to the idea of using a central bank digital currency (CBDC). This would be the second-largest North American economy to consider such an option.

Concerns Over Fraud, Cyber Attacks, Data Misuse

Of those surveyed, 56% expressed concern about potential fraud with a CBDC, as well as the risk of cyber attacks (53%), misuse of personal data (44%), and lack of anonymity with transactions (35%). Despite these worries, 51% still showed confidence in the Bank of Canada to protect their privacy should a CBDC be implemented.

Bank Of Canada Preparing For Potential CBDC

The Bank Of Canada is making necessary preparations in case parliament requests it in the future, although no current plans exist. From April to June 2021 they held public consultations asking citizens about their payment habits and how they would utilize a CBDC. The feedback gathered will inform their ongoing development for any potential implementation.

G20 Countries Exploring Possibility Of CBDCs

At least 130 countries around the world are reportedly exploring the possibility for introducing their own versions of a CBDC; 19 out 20 G20 countries have programs currently in early development stages.


With over half of Canadians expressing willingness to use this type digital currency and increasing worldwide interest in its development, it’s likely only a matter time before we see more widespread adoption across economies globally.