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04/07/24
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Adoption of Crypto in Canada Remained Low
On July 2, the Bank of Canada published the main outcomes from the 2023 Methods-of-Payment (MOP) Survey, including discussions regarding the adoption of payment alternatives to cash and cards such as crypto across the country.
Not up to 3 percent of Canadians have used cryptocurrency as a payment method, almost the same as in the 2022 survey, while most survey participants preferred to use e-transfer via email addresses or phone numbers.
Conversely, the least favored payment method across the country remains crypto. Two years ago, 2.2 percent of the survey participants used crypto for payments, increasing to 2.5 percent last year.
Eighty percent of Canadians said they do not plan to stop using cash in the 2023 survey, just as in 2022, contributing to the slow adoption of crypto.
Although Canada is experiencing slow adoption of crypto, the number of Bitcoin (BTC) ATMs installed across the country is significant. The second-largest network of crypto ATMs worldwide is found in Canada, after the U.S. Over 82% of the world’s crypto ATMs are in the U.S., followed by Canada at 7.7%.
The Bank of Canada is still trying its best to achieve financial innovation. About three weeks ago, the apex bank and the Bank for International Settlements (BIS) inaugurated the BIS Toronto Innovation Centre to further the work of BIS Innovation Hub. The focus of the Toronto hub is on exploring the development of new technologies towards promoting financial inclusivity and making the financial system more efficient.
The three six priority themes for the BIS include open finance, innovation for regulatory and supervisory purposes, next-generation financial market infrastructures, central bank digital currencies (CBDCs), green finance and cybersecurity.
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