While a digital national currency does have the potential to mitigate key financial issues, we cannot ignore the democratic risks such a currency could introduce without safeguards.
From the sounds of it your digital cash would not need to be stored in a bank account or anything like that, so banks won’t have access to your money to invest in other things that make the bank money and potentially lose it all.
Wouldn’t that mean there would be added fees, no insurance for loss, etc.?
Whatever it ends up being, they really need to make a very clear definition of what exactly this is, and how it differs from traditional banking.
There’s no way the majority of the population, especially first generation immigrants to this country, would understand what the hell a “digital Canadian dollar” is.
I see a lot of opportunities for abusing people’s naivety on this one.
From the sounds of it your digital cash would not need to be stored in a bank account or anything like that, so banks won’t have access to your money to invest in other things that make the bank money and potentially lose it all.
Wouldn’t that mean there would be added fees, no insurance for loss, etc.?
Whatever it ends up being, they really need to make a very clear definition of what exactly this is, and how it differs from traditional banking.
There’s no way the majority of the population, especially first generation immigrants to this country, would understand what the hell a “digital Canadian dollar” is.
I see a lot of opportunities for abusing people’s naivety on this one.