I have no confidence in a digital currency in Canada and no confidence that Canada could administer it securely. It is an abstract currency, it is very difficult (and I am a scientist myself) to understand the design mechanisms. To avoid.
It is obvious that a digital currency can never be exchanged anonymously, if only because you will need to have an account. We can also predict that the great guarantees given to us in terms of anonymity or the protection of personal information will erode over time, given the irrepressible propensity of the State to control everything, especially in financial and tax matters. . It’s also a safe bet that these systems would once again be hosted on the servers of companies like AWS (Amazon) or Microsoft, subject to the Patriot Act in the United States, which would give the latter a right of inspection over our data.
Not really inclined to resort to this method of using money. Already the use of credit and debit cards requires strict discipline to avoid getting lost and to maintain control of this means of payment. Paper money and hard cash are the most tangible thing there is to help people reconnect with their finances. This process of using cash for specific situations may not be very “glamorous”, but it is most effective. I doubt that the use of digital currency could offer so many possibilities.
Cash is now only important to support undeclared work: sugar shacks, flea markets, two-checkout restaurants, weekend caretakers and all the others. “Pay me cash, and there will be no tax! » Let’s simply abolish cash.
I see no benefit and I see a lot of risk. Beware of digital dependence. When it doesn’t work, the individual has no control over their situation. Before moving in this direction, safety must come first.
Digital currency is already in circulation! Especially since the pandemic, I pay for everything with a card and I have very little cash on me. No need for change here and I don’t want to hear about any new form of money.
I would like to move from paper money to digital money. That’s a bit what I do by paying with “plastic”. Central bank-controlled digital currency would enable faster transfers. Ideally, it would reduce the black economy without the government analyzing our purchases (as long as they are legal). I wouldn’t want the government to tell me that I’m eating too much sugar and not enough fresh vegetables…
