Bank of Canada Survey Shows Canadians Prefer to Use Cash Rather Than Crypto
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Crypto Adoption in Canada: Cash Still Dominates Despite Institutional Interest
According to the Bank of Canada’s sixth Methods-of-Payment (MOP) report released on July 3, cryptocurrency adoption in Canada remains limited. Despite growing global interest in digital currencies, many Canadians still prefer cash for their transactions.
Survey Insights: Cash Prevails
A recent survey involving 4,000 respondents revealed that cash remains a popular choice for transactions in 2023. The findings indicate that cryptocurrency in Canada still has a considerable journey before achieving mainstream acceptance.
Key Findings:
- Cash Usage: Approximately 20% of all purchases in 2023 were made using cash.
- Alternative Payments:
- e-Transfer: 58% of respondents used this option in 2023, marking a 7% increase from 2022.
- PayPal: Adopted by 35% of respondents.
- Cryptocurrency Usage: Less than 3% of Canadians used Bitcoin for transactions, despite the country having over 3,000 Bitcoin ATMs, making it the second-largest Bitcoin ATM hub globally.
Preference for Cash
When asked about future plans to go cashless, 80% of respondents expressed no intention of abandoning cash. This sentiment aligns with an unrelated study by Payments Canada, where respondents favored cash for its freedom from bank fees, privacy protection, and usability during internet outages.
Institutional Interest in Crypto
Despite slow consumer adoption, Canadian institutions are increasingly interested in cryptocurrencies. A KPMG report from April revealed that 39% of institutional investors in Canada had crypto exposure in 2023, a 31% increase from 2021. Key factors driving this interest include an improved custody market and the approval of spot Bitcoin exchange-traded funds (ETFs).
Share Your Thoughts
We would appreciate your insights on this evolving topic. Do you think cryptocurrency will gain mainstream acceptance in Canada? How do you see the future of digital currencies versus traditional cash? Leave your feedback and join the conversation!
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