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Old 05-08-2023, 01:54 PM   #1
Yoho
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Default Do you want a digital Loonie?

The Bank of Canada wants to know.

Policymakers will take submissions until June 19.


https://financialpost.com/fp-finance...bank-of-canada


Link to survey on BOC website.

https://www.bankofcanada.ca/2023/05/...igital-dollar/

Last edited by Yoho; 05-08-2023 at 02:02 PM.
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Old 05-08-2023, 02:02 PM   #2
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I know I'm becoming an old man and as such I am and will be increasingly out of touch with technology. But what benefit does a digital loonie have over the already easy transaction availability? I can transfer funds from my bank account, use my debit card/Interac at pretty much all retailers in person or online and if I can't use the debit card/Interac I can use a credit card.

Someone educate me.
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Old 05-08-2023, 02:03 PM   #3
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This is pretty interesting. I'm mostly in favour, but there is a freedom with cash that I do kind of worry about losing.
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Old 05-08-2023, 02:06 PM   #4
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Right click. Save image as . . .

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Old 05-08-2023, 02:13 PM   #5
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No.
Never. I know we already do a lot of digital/online banking and transactions but will never be ok with a full digital currency.
Cash in hand and the freedom to do what we want with it when we want is extremely undervalued in the way we live. Digitalization may not take that freedom away, but at the same time it could depending on who all has control over it.
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Old 05-08-2023, 02:16 PM   #6
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Quote:
Originally Posted by calgarygeologist View Post
I know I'm becoming an old man and as such I am and will be increasingly out of touch with technology. But what benefit does a digital loonie have over the already easy transaction availability? I can transfer funds from my bank account, use my debit card/Interac at pretty much all retailers in person or online and if I can't use the debit card/Interac I can use a credit card.

Someone educate me.
Instant movement of larger sums of money and lower transaction fees would be the main benefit.

i don't think they're particularly serious about this at this point. I think they're just trying to be ready in case crypto starts to get more popular as an actual currency, because that reduces the ability for the central bank to enact its policies. The idea is, a digital currency could mostly match the benefits of crypto (as a currency, not as a store of value).
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Old 05-08-2023, 02:20 PM   #7
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No, I'm not in favor.
And holy crap is this ever going to bring out the conspiracy nut jobs in full force. They've been railing about this very thing for several years now, we don't need to give them any ammo or excuses to elevate their paranoia.
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Old 05-08-2023, 02:20 PM   #8
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Why do we need to get rid of hard currency? Isn't this just something that supply/demand will take care of on its own?

Plus, how many times I have been to a place to see either their or my network is down? Why not keep the cash around for those circumstances?
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Old 05-08-2023, 02:21 PM   #9
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Why do we need to get rid of hard currency? Isn't this just something that supply/demand will take care of on its own?
I don't think anyone's advocating for that?
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Old 05-08-2023, 02:23 PM   #10
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Roger's fiasco several months ago should tell you about the dangers of fully relying on internet and digital currency.

Yet not only did we not learn, we allowed Rogers to get bigger and have a much bigger failure point.

So um...no.
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Old 05-08-2023, 02:32 PM   #11
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They do mention a lot of the issues brought up here in the survey, probably worth doing before mentioning all the issues, they seem to have a decent handle on this.
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Old 05-08-2023, 03:01 PM   #12
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they said in the survey
A digital Canadian dollar could have similar characteristics to cash, with added benefits. It could be secure and resilient to cyberattacks and other types of threats.
Can they really promise that? I have my doubts anything is truly secure when it comes to money.

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Old 05-08-2023, 03:05 PM   #13
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Does the current Alberta Premier's social media presence qualify her as a digital loonie?
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Old 05-08-2023, 03:52 PM   #14
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Quote:
Originally Posted by Firebot View Post
Roger's fiasco several months ago should tell you about the dangers of fully relying on internet and digital currency.

Yet not only did we not learn, we allowed Rogers to get bigger and have a much bigger failure point.

So um...no.
I think the opposite is probably true. One of the advantages of a digital currency over current electronic payments would be the possibility of offline payments during service outages.
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Old 05-08-2023, 03:58 PM   #15
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dont think strippers would take digital loonies
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Old 05-08-2023, 03:58 PM   #16
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I don't think anyone's advocating for that?
You might be right. A couple of quotes made the plan seem unclear. It looks like they are just potentially adding a digital only version of the currency. Similar to an NFT? I don't know enough about the practicalities of a digital only currency to say whether that would add any advantages over our current digital banking system? Maybe fewer fees?
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Old 05-08-2023, 04:10 PM   #17
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You might be right. A couple of quotes made the plan seem unclear. It looks like they are just potentially adding a digital only version of the currency. Similar to an NFT? I don't know enough about the practicalities of a digital only currency to say whether that would add any advantages over our current digital banking system? Maybe fewer fees?
I think for the most part it would make online transactions easier. From paying a friend to buying stuff, you then don't need to go through your CC company or bank at all. You could setup a web store without paying fees for a payment processor. Things like that. It's essentially a digital version of cash that doesn't need to be physically transferred.
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Old 05-08-2023, 04:16 PM   #18
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Wouldn't it help track down people commiting fraud and running scams?

These digital currencies tend to leave a trail of where it all went
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Old 05-08-2023, 04:24 PM   #19
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Wouldn't it help track down people commiting fraud and running scams?

These digital currencies tend to leave a trail of where it all went
Yeah and that’s something that cuts both ways. So, yeah it might help on that angle, but then every transaction is viewable for the government as well.

There are some pretty good economic things they could use a digital CAD for though. Say you need to stimulate the economy. You could target certain regions, with certain stipulations that this could only be spent for things and for a limited amount of time. I think that kind of thing could have some very useful applications.
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Old 05-08-2023, 04:29 PM   #20
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I want the nickel abolished, the quarter abolished, the 50¢ piece minted in more numbers, and a 20¢ coin created.
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