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Home Business & Finance Canada's Digital Dollar Should Focus on Inclusion and Accessibility, Say Experts

Canada’s Digital Dollar Should Focus on Inclusion and Accessibility, Say Experts

Document Analysis NLP IA

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Summary (IA Generated)

A digital Canadian dollar should imitate traditional banknotes in terms of availability and accessibility, according to staff from the country’s central bank, the Bank of Canada.

In an analytical note on June 30, experts from the Bank of Canada revealed some of the goals for its central bank digital currency (CBDC).

To maximize inclusion and usability, the note states that the bank should develop a CBDC that Canadians can use regardless of whether they own a smartphone or have access to the internet.

As a first step toward developing its proposed digital dollar, the Bank of Canada is seeking to understand the needs of its citizens through extensive consultations with user groups, is considering multiple design options, and will release a prototype before the main launch.

A universal access device to use CBDC.

For every citizen to be able to use the CBDC, the bank aims to work on an affordable universal access device (UAD) that will “incorporate visual and security elements from bank notes.

The experts note that a UAD should allow people to load value from anywhere and operate without a centralized network.