As the Bank of Canada prepares for a digital Canadian dollar, democratic concerns loom large

The Bank of Canada recently concluded public consultations where it sought input from Canadians about the possibility of a national digital currency. (Shutterstock)

The Bank of Canada is preparing for the possibility of the Canadian government requiring it to issue a digital version of the Canadian dollar. Although the central bank is leading the project for the new currency, any future decision to issue it rests with the Canadian Parliament and government.

As a part of this process, the central bank recently concluded a public consultation on June 19 where it sought input from Canadians about the possibility of a national digital currency.