By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 min read
Bill C-400 aims to stop the creation of a CBDC in Canada and ensure cash remains available across the country.
Canadian Conservative leader Pierre Poilievre has taken to X to express his dissatisfaction with developing a central bank digital currency (CBDC) in Canada. He cited the need to safeguard the use of cash and maintain cash infrastructure while ensuring the government does not digitalize the economy.
Poilievre’s view is in tandem with Bill C-400, proposed in the Canadian Parliament by MP Ted Falk. The bill noted that the Trudeau Liberals, the current ruling party in Canada, have pushed the Bank of Canada to print half a trillion dollars, which has led to inflation across the country and placed the citizens in debt.
Moreover, the idea of placing another currency solely in the hands of the government will make it easier to print more money, rendering the Canadians powerless. It was stated that the CBDC should remain only within the private sector, allowing the country’s citizens to decide on investments of their choice.
Bill C-400 aims to stop the creation of a CBDC in Canada and ensure cash remains available across the country. The bill suggests changing the Currency Act and the Bank of Canada Act to remove the government’s power. The bill stated:
“And whereas Conservatives believe that any digital currency should remain exclusively with the private sector so Canadians can make their own investment choices–free from government intervention. We the undersigned call on the NDP-Liberals to support common sense Conservative Bill C-400 to ban the Bank of Canada from creating a Central Bank Digital Currency and ensure legal tender (cash) continues to be available across Canada.”
It’s unclear when Bill C-400 will be passed, as that depends on the political situation, what the public thinks, and the results of debates and reviews in Parliament, which can take a few months to a year.
A few have lauded the Poilievre view. Steve Saretsky, an investor with over fifty-five thousand followers on X, commented:
“Say no to CBDC.”
Another comment by the Pleb Reporter, a YouTuber and brand ambassador at Beaver Bitcoin, with over 79 thousand followers, stated that cash is king and, at the same time, freedom.
Canada, like many other countries, has been studying and working on the need for digital currency as it ponders following the global trend of CBDC and advancement in the financial system. The country’s central bank has also been researching where CBDC could function.
Research conducted by the Canadian Central Bank released last November revealed that citizens prefer holding cash backed by their central bank and want to maintain access to banknotes. The bank also noted that citizens expressed their right to privacy, which they feel the digital dollar could compromise.
It was also revealed that concerns were raised about the accessibility of digital dollars and the possibility that it would not add to financial stability risk.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
