A recent Bank of Canada survey found that less than 3% of Canadians have utilized Bitcoin or other cryptocurrencies for day-to-day transactions over the past two years. Despite a growing trend in alternative payment methods, such as e-transfers, the use of cryptocurrencies remains unpopular in the country. The reluctance to go cashless is a major factor hindering crypto adoption, with over 80% of respondents expressing no intention to stop using cash in the future. However, Canada boasts the second-largest network of Bitcoin ATMs globally, with 2,941 active machines. In a bid to promote financial innovation, the Bank of Canada has partnered with the Bank for International Settlements to establish the BIS Toronto Innovation Centre, focusing on themes like central bank digital currencies. While crypto adoption may be slow, the thriving ATM ecosystem indicates a growing interest in digital assets. Read more AI-generated news on: https://app.chaingpt.org/news