Among the earliest nations to take interest in CBDC, China was included among the number, which is not surprising. But amidst the Bank of Canada's announcement to leave interest rates at 5%, according to Cointelegraph, a Bank of Canada new paper released August 10 2023 found that the majority of consumers in Canada have weak incentives to use a CBDC.
Whilst according to the results of a Bank of Canada survey, which was posted or tweeted on Twitter, 92% of merchants in Canada have no plans to go cashless, on the other hand in relation to Chinese merchants, China are now beginning to push their CBDC & are making it mandatory for e-commerce platforms to incorporate the digital Yuan. I presume among the Chinese merchants coerced into the adoption of the digital Yuan would exist Chinese merchants who have no plans to go cashless, who would agree with the 92% of Canadian merchants and would disagree with the proposed mandate of digital Yuan adoption.
The majority of Canadians see cash as king, which I myself definitely agree with, especially if you add to the equation that cash that is backed by gold definitely is king, given the fact that cash backed by gold creates price stability & the announcement by BoC to keep interest rates unchanged at 5% & the alarming rapid level of inflation in Canada over a 6-year period is symptomatic of the removal of the Gold Standard.
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