WealthRocket Survey Finds 59% of Canadians Willing to Use a Central Bank Digital Currency, But Many Have Concerns

• 59% of Canadians are willing, to varying degrees, to use a CBDC if one ever becomes available.
• 56% of Canadians are concerned about the potential for fraud with a CBDC, as well as risk of cyber attacks (53%), and potential misuse of personal data (44%).
• 51% of Canadians are somewhat confident in the Bank of Canada to safeguard their privacy if a CBDC is implemented, while 25% aren't confident at all.

 TORONTO, June 20, 2023 /CNW/ - A new survey conducted by WealthRocket reveals the majority of Canadians (59%) are willing, to varying degrees, to use a central bank digital currency (CBDC) but cite concerns around transaction anonymity, potential for fraud, and misuse of personal data, among others. 

With the Bank of Canada (BoC) exploring the idea of launching a CBDC and recently fielding a public consultation on the topic, more education may be needed before Canadians can weigh the potential pros against their concerns. 

This chart shows Canadians' top concerns about a Central Bank Digital Currency (CBDC). (CNW Group/WealthRocket)

Canadians mixed on the Bank of Canada's ability to safeguard privacy 

The survey, which polled 1,500 Canadians ages 18 and older, sheds light on the public's current perception of CBDCs. While 51% of respondents expressed some level of confidence in the Bank of Canada's ability to safeguard their privacy, 25% had no confidence at all. 

Top privacy concerns for Canadians polled include:

• Potential for fraud (56%)
• Risk of cyber attacks (53%)
• Lost control over personal finances (39%) 

CBDC's potential impact on cash transactions 

While the BoC maintains that cash isn't going anywhere — a CBDC would be used alongside our bills and coins — WealthRocket asked Canadians if they would be willing to use a CBDC in place of cash:

• 25% said yes
• 12% said no
• 38% said maybe
• 25% said they'd use cash alongside a CBDC 

Survey methodology

Data was collected via an online Pollfish survey of 1,500 Canadians ages 18 and older conducted between May 25 and 30, 2023. The estimated margin of error for a survey of this size is +/- 3%. 

About WealthRocket

WealthRocket is a Canadian personal finance website focused on credit cards, banking, investing, budgeting, and more. Our mission is to empower Canadians to make informed financial decisions and get the most out of their money.

SOURCE WealthRocket

For further information, contact Rebecca David, [email protected]