July 14, 2024
Bitcoin News

Bitcoin Struggles as Day-to-Day Payment Method in Canada

A recent Bank of Canada survey uncovered that just under 3% of Canadians used Bitcoin or other cryptocurrencies for daily payments in 2022 and 2023. This indicates the country’s preference for cash and bank cards, even though alternative payment methods have been slowly growing over the past decade.

E-transfers, which use email addresses or phone numbers, were the most among these new options but cryptocurrencies were still at the bottom of the list. In 2022, only 2.2% of people surveyed used cryptocurrencies for payments, with a slight increase to 2.5% in 2023.

Bitcoin Struggles in Canada, Reluctance to Go Cashless

People in Canada seem shy about going completely cashless. A whopping 80%+ said they have no plans to give up using cash anytime soon. This has been a consistent trend since 2019, showing a strong preference for traditional payment methods.

A graph showing Canada’s plans to go cashless. Source: Bank of Canada

But surprisingly, Canada has one of the biggest networks of crypto ATMs worldwide after the US! Although Canadians aren’t using cryptocurrencies much in daily life, there’s still plenty of interest in building up the cryptocurrency infrastructure.

A chart showing the distribution of crypto ATMs installed in various countries and continents. Source: Coin ATM Radar

Innovative Efforts by Bank of Canada

On another note, the Bank of Canada is all about those innovative moves. They’ve recently opened up a fancy new innovation hub with the Bank for International Settlements (BIS) – called the BIS Toronto Innovation Centre. This hub will operate across Canada, Latin America, and the Caribbean.

Their main focus at this hub is: open finance, next-gen financial market structures, and central bank digital currencies – three out of BIS’s six key themes. Bank of Canada Governor Tiff Macklem is all about shaking things up and innovating in areas not usually linked to central banking to spread those innovation benefits far and wide with Canadians.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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