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Digital Canadian dollar fails to impress despite high awareness

November 30, 2023 Coin Telegraph

Canada

People who were aware of CBDCs were more reluctant to adopt the technology when compared to those who didn't know about it.

A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption.

Through the ‘digital Canadian dollar public consultation,’ the Canadian central bank intended to identify a place for CBDCs in a world currently dominated by digital fiat payments such as credit cards. However, in a survey that amassed 89,423 responses, Canadians demanded regulations that would require merchants to accept cash as a form of payment.

*Awareness of a digital Canadian dollar. Source: bankofcanada.ca*

Bank of Canada’s report shows that nearly 95% of the respondents either heard or were familiar with the concept of a digital Canadian dollar. While awareness stands as one of the key factors for widespread adoption, the metric doesn’t hold true for Canada.

*Canadians demand regulation for cash acceptance if CBDCs were to be introduced. Source: bankofcanada.ca*

93% of the respondents primarily make paper cash payments daily but also use credit and debit cards and other modes of online payments. In addition, just 15% of the respondents held Bitcoin (BTC) and other cryptocurrencies.

Most respondents advised the Bank of Canada to stop researching and building the capability to issue a digital Canadian dollar. However, the public believes that their feedback will not be considered for the CBDC initiative.

*Survey asked if Canadians would prefer using a digital Canadian dollar instead of current payment methods. Source: bankofcanada.ca*

Nearly all respondents preferred using existing forms of payment over CBDC. Surprisingly, people who were aware of CBDCs were more reluctant to adopt the technology when compared to those who didn't know about it.

Additionally, the small demographic of respondents who previously held crypto showed more interest in using CBDCs.

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Report suggests 6 billionaire crypto traders earned their fortunes from Bitcoin

September 5, 2023 Coin Telegraph

Bitcoin

The firm behind the “Crypto Wealth Report” said it received a spike in the number of crypto-related inquiries by millionaires in the last six months.

A report released by London-based investment migration consultancy firm Henley & Partners suggests there were more than 40,000 crypto millionaires in the world holding Bitcoin.

According to the "Crypto Wealth Report” published on Sept. 5, Henley & Partners said there were roughly 88,200 millionaires worldwide with crypto holdings, with 40,500 holding Bitcoin (BTC). The report suggested that of 182 individuals who held more than $100 million worth of crypto, 78 were Bitcoiners. In addition, six out of 22 crypto traders who held more than $1 billion “amassed their fortunes from trading Bitcoin.”

*Crypto wealth statistics. Source: Henley & Partners*

Fortunly reported there were roughly 56.1 million millionaires on Earth as of July 2023, suggesting less than 0.2% had significant crypto holdings. The CEO of Henley & Partners, Juerg Steffen, said the firm had received a spike in the number of crypto-related inquiries by millionaires in the last six months as part of efforts “to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their countries” as well as “allay the risks of aggressive fiscal policies that tax digital assets at source.”

“The leadership of an increasing number of jurisdictions understand the legitimate nature of [crypto-based] wealth and have produced mechanisms for it to be stored securely, with soft infrastructure that renders it treated in the same manner as almost any other tangible or intangible asset class,” said cybersecurity specialist Ali Khan. “But there are still a number of jurisdictions that are yet to bite.”

The report did not explicitly mention the names of the crypto millionaires and billionaires. Among those well-known in the space include Digital Currency Group founder and CEO Barry Silbert, Gemini co-founders Cameron and Tyler Winklevoss, Binance CEO Changpeng Zhao, Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen and MicroStrategy executive chair Michael Saylor.

Amid the crypto market crash of 2022, the number of crypto wallet addresses holding the equivalent of more than $1 million dropped by roughly 80,000. Forbes reported in December 2022 that many major players in the industry lost more than $116 billion following bankruptcies of exchanges and the bear market.

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