Should Government Issue Digital Currency?

The Bank of Canada wants to know what Canadians think about the possibility of a digital loonie.

Consultations on what Canadians would like to have included in a digital currency are open online from May 8 until June 19, the Bank of Canada said Monday.

The central bank notes, however, that the decision to launch a digital version of the Canadian dollar remains in the hands of Parliament and physical coins and banknotes aren’t going anywhere.

Compared to private cryptocurrencies like Bitcoin, which can sometimes fluctuate in value like a stock, a digital currency backed by the central bank would not be subject to the same level of volatility — it would always retain the same value as a Canadian dollar.