Bank of Canada Study Explores the Role of CBDC
A recent study conducted by the Bank of Canada examines the potential role of a central bank digital currency (CBDC) in improving financial inclusion, digital inclusion, and accessibility. The study acknowledges that while Canada has a high level of financial inclusion, there are still barriers and challenges for underbanked Canadians who rely on alternative providers with higher fees. Additionally, the use of cash in transactions has significantly decreased over the years.
CBDC and Inclusion
The study emphasizes that addressing the accessibility of payment methods is crucial in designing a CBDC. It suggests that a CBDC should consider the challenges of today’s evolving technical landscape to ensure universal accessibility. The study also highlights the need for further research to uncover more challenges and opportunities associated with digital payment technologies.
Hot Take: Improving Financial Inclusion with CBDC
A recent study by the Bank of Canada explores how a central bank digital currency (CBDC) could enhance financial inclusion and accessibility in Canada. Despite high levels of financial inclusion, underbanked individuals still face barriers and rely on costly alternative providers. The use of cash has also significantly decreased. The study suggests that a CBDC must address these challenges and consider the evolving technical landscape to ensure universal accessibility. More research is needed to uncover additional opportunities and challenges associated with digital payment technologies. Overall, a CBDC has the potential to improve financial inclusion and provide accessible digital payment options for all Canadians.
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