🌋 Canadians Slow to Adopt Cryptocurrencies
posted 3 Jul 2024
According to a survey by the Bank of Canada, only 2.5% of Canadians used cryptocurrencies for everyday payments last year. Predominantly, individuals continue to favor traditional forms of electronic payments such as those made via phone numbers or email over cash and bank cards.
Despite the low adoption rate for daily crypto use, the vast majority (around 80%) have no plans to give up using cash in the near future, a sentiment that has remained unchanged for the past five years. This preference is likely driven by a desire to maintain the privacy of their transactions.
However, Canada still holds a significant position in the cryptocurrency landscape, ranking second only to the USA in terms of the number of Bitcoin ATMs. There are 2,941 ATMs in Canada, which constitutes 7.7% of the global total. The worldwide count of crypto ATMs has seen an increase of 17.8% over the last year.
Additionally, the Bank of Canada is exploring the potential of introducing a Central Bank Digital Currency (CBDC). For this purpose, a specialized research center has been established in partnership with the Bank for International Settlements (BIS), focusing not only on CBDCs but also on the exploration of open finance and future financial markets.
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