The Bank of Canada's annual survey revealed the country's sustained interest in cash and debit cards for payments in 2022 and 2023. However, the use of these payment alternatives has generally increased over the last decade.

Cryptocurrencies remain the least preferred payment method in Canada. In 2022, 2.2% of participants and 2.5% in 2023 used cryptocurrencies for payments.

The main reason cryptocurrency adoption has been slow in Canada is the widespread reluctance to embrace a cashless future. More than 80% of respondents said they have no plans to stop using cash in the future.

Despite this, the Bitcoin (BTC) ATM ecosystem continues to thrive in Canada. The country hosts the second largest crypto ATM network globally after the United States.

Meanwhile, the Bank of Canada continues to advance its efforts in financial innovation. The central bank has opened a new innovation centre, the BIS Toronto Innovation Centre, in collaboration with the Bank for International Settlements (BIS).

The center will focus on three of the BIS' six priority themes: open finance, next-generation financial market infrastructures and central bank digital currencies (CBDCs).

What do you think about these developments? Leave your comments below.#blockchain#crypto #Canada