Opposition to Central Bank Digital Currency
During a recent Q&A session captured in a video released on Sunday, Pierre Poilievre, leader of Canada’s Conservative Party, vocally opposed the concept of a central bank digital currency (CBDC). The discussion took place in an informal setting where Poilievre engaged directly with constituents.
Concerns Raised by Constituents
A concerned farmer seized the opportunity to voice apprehensions regarding the potential risks of a cashless society and the implementation of a CBDC. In response to the farmer’s inquiry, Poilievre firmly declared,
“Absolutely not,”
before applause erupted from the audience.
Context of the Discussion
This exchange comes on the heels of Poilievre’s previous defeat to Mark Carney, the current head of the Liberal Party and a former governor of both the Bank of Canada and the Bank of England. Carney has been known for his skepticism towards cryptocurrency such as bitcoin while demonstrating a keen interest in the potential of CBDCs.
Shifts in Bank of Canada Priorities
However, recent updates from the Bank of Canada indicate a shift in priorities; the bank has announced that it is reducing its efforts towards developing a retail CBDC and is now concentrating on researching and formulating policies related to broader payment systems. This change suggests a significant reassessment of the digital currency landscape in Canada, aligning with Poilievre’s adamant stance against a CBDC.
