Canada’s Central Bank Lied, Moves Forward with Digital Currency

Based upon filing from December 13 and 19 of 2023, it was revealed that the Bank of Canada asserted ownership of the ‘digital dollar,’ ‘digital Canadian dollar’ and ‘central bank digital currency’ under the Trademarks Act.

This comes after the Bank of Canada said they wouldn’t be developing a digital currency, well, they lied, as a digital currency was already in the process of being developed.

In November of 2023 the Bank stated, “Whether and when a digital dollar will become needed is uncertain … Ultimately the decision to go ahead with a digital dollar belongs to Canadians through their representatives in Parliament.”

The phrasing of this statement was of peak interest seeing as the central bank came to the conclusion just a few months before that a government-issued digital currency would only be possible if the majority of Canadians opted in to use it.

In a report called Unmet Payment Needs And A Central Bank Digital Currency, it was revealed that around 11% of Canadians with internet access refuse to bank online whilst 16% refuse to shop online.

According to Blacklock’s Reporter, it was reported that Canadians, “dislike using technology and are therefore reluctant to make payments online,” thus it was deemed ‘unnecessary’. If a digital currency was indeed rolled out, many Canadians would be forced against their will to use it or face discrimination.

In a consultation by The Bank of Canada on the ‘usefulness’ of digital currencies in May of 2023, Canadians were asked about the security and privacy features they would want to see in a digital currency.

People’s Party of Canada leader Maxime Bernier made an important observation telling Rebel News, “In their public consultation, they mention privacy concerns, but they don’t ask a single question about how it would make it easier for them to manipulate monetary policy and control how we spend our money.”

“A digital currency will allow the Bank of Canada — a government organization — to know the details of all our transactions,” Bernier stated. “Whether or not the central bank is serious about protecting our privacy, management, and the Government of Canada will have all this centralized information at their disposal if they want to use it.”

“Can we trust them after [Finance Minister Chrsytia] Freeland froze bank accounts during the Freedom Convoy? After they printed hundreds of billions to fund Trudeau’s gigantic deficits? No!”

Meanwhile, Canada’s Conservative Party leader, Pierre Poilievre, has come out saying he would ban the Bank of Canada from issuing a central bank digital currency if he becomes prime minister. He has also vowed to make Canada the blockchain capital of the world, reassuring Canadians that the central bank would face regular scrutiny of its balance sheet, including an audit of its COVID pandemic bond-buying program.

Since 2014, Canada’s central bank has studied digital currency. It was demanded of the Royal Canadian Mint to disband a Bitcoin alternative called MintChip as the Bank brought in around $1.6 billion annually just from printing and circulating banknotes.

“We couldn’t issue another currency … In terms of digital currency, it is not under the current legal framework,” said Grahame Johnson, then-chief of funds management, at hearings of the Senate Banking Committee.

Regardless of the interest in digital currencies, the Bank of Canada pledged not to phase out cash. “Cash isn’t going anywhere,” it said. But if they lied to Canadians before, how are they to trust them again?

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