Bank of Canada scraps plan to create a ‘digital dollar’ 

The central bank said it will instead look at evolving the “payment” processes in Canada.

Plans by the Bank of Canada (BOC) to implement a digital “dollar,” also known as a central bank digital currency (CBDC), have been shelved.

Officials from Canada’s central bank said that a digital currency, or electronic “loonie,” will no longer be considered after years of investigating bringing one to market.

“The Bank has undertaken significant research towards understanding the implications of a retail central bank digital currency, including exploring the implications of a digital dollar on the economy and financial system, and the technological approaches to providing a digital form of public money that is secure and accessible,” the bank said, according to the Canadian Broadcasting Corporation.

Instead of using resources to create a digital dollar, the central bank said it will instead look at evolving the “payment” processes in Canada.

Most Canadians do not want a digital dollar, as previously reported by LifeSiteNews. A public survey launched by the BOC to gauge Canadians’ taste for a digital dollar revealed that an overwhelming majority of citizens want to “leave cash alone” and not proceed with a digital iteration of the national currency.

The BOC last August admitted that the creation of a CBDC is not even necessary, as many people rely on cash to pay for things. The bank concluded that the introduction of a digital currency would only be feasible if consumers demanded its release.

The reversal comes after the BOC had already forged ahead and filed a trademark for a digital currency, LifeSiteNews previously reported.

In August, LifeSiteNews also reported that the Conservative Party is looking to gather support for a bill that would outright ban the federal government from ever creating a CBDC, and make it so that cash is kept as the preferred means of settling debts.  

Conservative leader Pierre Poilievre promised that if he is elected prime minister he would stop any  implementation of a “digital currency” or a compulsory “digital ID” system.

Prominent opponents of CBDCs have been strongly advocating that citizens use cash whenever possible and boycott businesses that do not accept cash payments as a means of slowing down the imposition of CBDCs.

Digital currencies have been touted as the future by some government officials, but, as LifeSiteNews has reported before, many experts warn that such technology would ultimately restrict freedom and be used as a “control tool” against citizens similar to China’s pervasive social credit system.

Related Topics:#AnthonyMurdoch #BankOfCanada #CBDC #CentralBankDigitalCurrency #LifeSiteNews

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POLL: Canadians want spending cuts

Published on April 22, 2025

Todayville

By Gage Haubrich

The Canadian Taxpayers Federation released Leger polling showing Canadians want the federal government to cut spending and shrink the size and cost of the bureaucracy.

“The poll shows most Canadians want the federal government to cut spending,” said Gage Haubrich, CTF Prairie Director. “Canadians know they pay too much tax because the government wastes too much money.”

Between 2019 and 2024, federal government spending increased 26 per cent even after accounting for inflation. Leger asked Canadians what they think should happen to federal government spending in the next five years. Results of the poll show:

43 per cent say reduce spending
20 per cent say increase spending
16 per cent say maintain spending
20 per cent don’t know

The federal government added 108,000 bureaucrats and increased the cost of the bureaucracy 73 per cent since 2016. Leger asked Canadians what they think should happen to the size and cost of the federal bureaucracy. Results of the poll show:

53 per cent say reduce
24 per cent say maintain
4 per cent say increase
19 per cent don’t know

Liberal Leader Mark Carney promised to “balance the operating budget in three years.” Leger asked Canadians if they believed Carney’s promise to balance the budget. Results of the poll show:

58 per cent are skeptical
32 per cent are confident
10 per cent don’t know

“Any politician that wants to fix the budget and cut taxes will need to shrink the size and cost of Ottawa’s bloated bureaucracy,” Haubrich said. “The polls show Canadians want to put the federal government on a diet and they won’t trust promises about balancing the budget unless politicians present credible plans.”

2025 Federal Election

Carney’s budget means more debt than Trudeau’s

Published on April 21, 2025

Todayville

By Franco Terrazzano

The Canadian Taxpayers Federation is criticizing Liberal Party Leader Mark Carney’s budget plan for adding another $225 billion to the debt.

“Carney plans to borrow even more money than the Trudeau government planned to borrow,” said Franco Terrazzano, CTF Federal Director. “Carney claims he’s not like Trudeau and when it comes to the debt, here’s the truth: Carney’s plan is billions of dollars worse than Trudeau’s plan.”

Today, Carney released the Liberal Party’s “fiscal and costing plan.” Carney’s plan projects the debt to increase consistently.

Here is the breakdown of Carney’s annual budget deficits:

2025-26: $62 billion
2026-27: $60 billion
2027-28: $55 billion
2028-29: $48 billion

Over the next four years, Carney plans to add an extra $225 billion to the debt. For comparison, the Trudeau government planned on increasing the debt by $131 billion over those years, according to the most recent Fall Economic Statement.

Carney’s additional debt means he will waste an extra $5.6 billion on debt interest charges over the next four years. Debt interest charges already cost taxpayers $54 billion every year – more than $1 billion every week.

“Carney’s debt binge means he will waste $1 billion more every year on debt interest charges,” Terrazzano said. “Carney’s plan isn’t credible and it’s even more irresponsible than the Trudeau plan.

“After years of runaway spending Canadians need a government that will cut spending and stop wasting so much money on debt interest charges.”