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Many Canadians remain skeptical about adopting a government-backed digital dollar, according to a Blacklock’s Reporter analysis of new findings by the Bank of Canada.

The study, The Consumer Value Proposition For A Hypothetical Digital Canadian Dollar, shows that while interest exists, concerns over privacy and government control are major barriers to adoption.

“Interest does not necessarily translate to adoption,” the study noted, emphasizing that cash is still an important payment method. Researchers found that certain groups could resist a digital dollar if they fear it will replace cash. Despite this hesitation, the Bank of Canada filed Trademarks Act applications last December to claim ownership of a digital Canadian dollar — before it even exists.

The Bank insists that any decision to implement a digital dollar “belongs to Canadians through their representatives in Parliament.” However, Blacklock’s Reporter highlighted findings that financially vulnerable Canadians, who could benefit most, are also the least likely to adopt a digital dollar due to privacy concerns.

People’s Party leader Maxime Bernier previously told Rebel News that a digital currency could create “serious privacy concerns,” adding, “Can we trust the government after [Finance Minister Chrystia] Freeland froze bank accounts during the Freedom Convoy? No.”

The study found younger Canadians, like students and new workforce entrants, were more open to a digital dollar, while older Canadians remained skeptical of its security. Despite the Bank’s reassurance that “cash isn’t going anywhere,” it remains unclear whether Canadians will embrace a digital dollar amid widespread distrust.

A 2020 Cash Alternative Survey said the typical Canadian carries $70 in their wallet, mainly $5 and $10 bills, and keeps roughly $185 in their vehicle glove box or dresser drawer.