I mean…aren’t most dollars digital anyway? There isn’t a big vault full of billions of loonies at RBC headquarters. Most transfers of money take place electronically.
It’s incredibly irritating that the article doesn’t bother to explain (or maybe *can’t* explain) what a “digital loonie” actually means.
Yoohooligan on
Wow, huge if true! People generally speaking have no idea what a dystopian controlling idea Central Bank Digital Currencies are or they would revolt at the very idea of it. Unfortunately the government being able to control and take away every bit of financial freedom from it’s citizens is an extremely alluring idea to many ideologies so we may yet see it come around again with some other name and under a pretext that makes you seem like a monster if you disagree with it.
Regardless of your political beliefs it should be something to be very concerned about and if you aren’t knowledgeable about it take the time, it’s scary stuff.
Ok_Currency_617 on
Switching from paper to digital currency was always going to happen. It definitely will help reduce tax evasion, crime, money laundering, etc.
Gives the government more control but thats been happening for the past 100 years.
norvanfalls on
I can’t believe the BoC wasted 7 years on this idea. Crypto was about innovation on recording the transaction. I use innovation lightly here. Banks were already doing it. It’s basically the interac network, but the information is just more public for crypto.
bloodandsunshine on
Shocking. Queue up another round of “research” with the blockchain experts who are now AI luminaries and keep the funding hose open.
RefrigeratorOk648 on
It’s ok PP will make sure it will be Bitcoin when/if he gets elected /s
No-Attitude-6049 on
I want my digital Loonies to be based on music… Loonie Tunes.
SadWishbone8407 on
They aren’t doing it, but theres no doubt in my mind that they still support the idea under a different social pretext. Their survey questions, against all polling pedagogy, always led you to the same conclusion: “What would you use a CBDC (central bank digital currency) for?” NOT “Do you want a CBDC?”. They were ratio’d on Twitter like nothing I’d ever seen 😂.
Yes it would make QE faster in a downturn (if you believe in that). But the bigger issue is having a government adjacent agency able to turn your money off, not just in general but for certain industries or types of transactions. Once it’s set in motion they would have all the power to incentivize people to switch by offering better rates. It’s ripe for abuse.
random20190826 on
Canada’s problem with banking is because it is an oligopoly (few competitors, very little motivation to innovate). The country’s online banking security is virtually nonexistent as a result of this. We need app-based authentication or security keys to become mandatory. Once we have that, we can have unrestricted Interac e-transfers for all. Under the current system, all it takes is a SIM swap and a debit card number, and a thief can steal money straight from your account via fraudulent Interac e-transfers and you don’t find out until your cellphone goes into SOS mode and you find out thousands went missing from your bank account.
9 Comments
I mean…aren’t most dollars digital anyway? There isn’t a big vault full of billions of loonies at RBC headquarters. Most transfers of money take place electronically.
It’s incredibly irritating that the article doesn’t bother to explain (or maybe *can’t* explain) what a “digital loonie” actually means.
Wow, huge if true! People generally speaking have no idea what a dystopian controlling idea Central Bank Digital Currencies are or they would revolt at the very idea of it. Unfortunately the government being able to control and take away every bit of financial freedom from it’s citizens is an extremely alluring idea to many ideologies so we may yet see it come around again with some other name and under a pretext that makes you seem like a monster if you disagree with it.
Regardless of your political beliefs it should be something to be very concerned about and if you aren’t knowledgeable about it take the time, it’s scary stuff.
Switching from paper to digital currency was always going to happen. It definitely will help reduce tax evasion, crime, money laundering, etc.
Gives the government more control but thats been happening for the past 100 years.
I can’t believe the BoC wasted 7 years on this idea. Crypto was about innovation on recording the transaction. I use innovation lightly here. Banks were already doing it. It’s basically the interac network, but the information is just more public for crypto.
Shocking. Queue up another round of “research” with the blockchain experts who are now AI luminaries and keep the funding hose open.
It’s ok PP will make sure it will be Bitcoin when/if he gets elected /s
I want my digital Loonies to be based on music… Loonie Tunes.
They aren’t doing it, but theres no doubt in my mind that they still support the idea under a different social pretext. Their survey questions, against all polling pedagogy, always led you to the same conclusion: “What would you use a CBDC (central bank digital currency) for?” NOT “Do you want a CBDC?”. They were ratio’d on Twitter like nothing I’d ever seen 😂.
Yes it would make QE faster in a downturn (if you believe in that). But the bigger issue is having a government adjacent agency able to turn your money off, not just in general but for certain industries or types of transactions. Once it’s set in motion they would have all the power to incentivize people to switch by offering better rates. It’s ripe for abuse.
Canada’s problem with banking is because it is an oligopoly (few competitors, very little motivation to innovate). The country’s online banking security is virtually nonexistent as a result of this. We need app-based authentication or security keys to become mandatory. Once we have that, we can have unrestricted Interac e-transfers for all. Under the current system, all it takes is a SIM swap and a debit card number, and a thief can steal money straight from your account via fraudulent Interac e-transfers and you don’t find out until your cellphone goes into SOS mode and you find out thousands went missing from your bank account.