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Conservative Party Leader Pierre Poilievre has announced his intention to ban a central bank digital currency (CBDC) in Canada, emphasizing the protection of cash usage.
Poilievre, a prominent figure in the Canadian political landscape, expressed his opposition to the development of a CBDC in a recent social media post. He pledged to safeguard cash transactions and resist the government’s push towards economic digitization.
As a vocal critic of Prime Minister Justin Trudeau, Poilievre has thrown his support behind House of Commons member Ted Falk’s Bill C-400. This legislation aims to prohibit the introduction of a CBDC in Canada.
It’s time to put an end to creating a central bank digital currency in Canada. Ted Falk’s Bill C-400 will: Ban central bank digital currency, protect cash use, ensure businesses accept it & maintain cash infrastructure. Less government control = more freedom & privacy.
Introduced in June, Bill C-400 outlines a framework to ensure the continued availability of cash across Canada. It also seeks to amend the Currency Act and the Bank of Canada Act to revoke the Governor in Council’s authority to withdraw coins and notes from circulation.
The timeline for passing Bill C-400 remains uncertain. The process is influenced by the political climate, public opinion, and the outcomes of parliamentary debates and committee reviews, which could take several months to a year.
Canada Prepares for Potential CBDC Launch
The discussion over a CBDC in Canada arises as the Bank of Canada examines the potential need for a digital currency. This exploration is in response to global interest and technological advancements in the financial sector.
While no formal decision has been made, the central bank has been researching scenarios where a CBDC might be necessary. The bank has stated its intention to “build the capacity to issue a general purpose, cash-like CBDC should the need to implement one arise.”
Potential triggers for a CBDC launch include a significant decline in cash usage or the widespread adoption of alternative digital currencies, which could challenge the Canadian dollar’s status as the primary payment method. However, the central bank has stressed that any move towards a CBDC would require the full support of the Government of Canada and acceptance by the Canadian public.
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