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Less than 3% of Canadians have used Bitcoin&nbsp;or other cryptocurrencies for day-to-day payments for two consecutive years.
A yearly Bank of Canada survey revealed the nation’s long-standing affinity toward cash and bank cards for making payments in 2022 and 2023. However, the use of payment alternatives has generally <a href="https://www.bankofcanada.ca/wp-content/uploads/2024/07/sdp2024-8.pdf" target="_blank" rel="noopener nofollow">increased</a> over the past decade.
<h2 data-ct-non-breakable="true" id="cash-and-cards-dominance-in-canada">Cash and cards dominance in Canada</h2>
Of the many other alternatives to cash and cards, most Canadian respondents preferred using e-transfer, a method of transferring money using email addresses or phone numbers.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/be3e9b02-f8c1-4bac-b273-7639b5662c7e.png" alt="" title="">
 <figcaption style="text-align: center;">
 Adoption of alternatives to cash and cards in Canada. Source: Bank of Canada
 </figcaption>
</figure>
On the other hand, cryptocurrencies remain the least favored payment method in Canada. In 2022, 2.2% of respondents used cryptocurrencies for payments, which grew to 2.5% in 2023, as shown in the graph above.
<h2 data-ct-non-breakable="true" id="reluctance-to-embrace-a-cashless-future">Reluctance to embrace a cashless future</h2>
The primary reason for the slow adoption of cryptocurrency in Canada is the widespread reluctance to go cashless. Over 80% of respondents indicated that they have no “plans to stop using cash in the future,” which has been a consistent trend since 2019.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f9d705d7-ab8f-452d-ab0f-579bd6a1adec.png" alt="" title="">
 <figcaption style="text-align: center;">
 Canada’s plans to go cashless. Source: Bank of Canada
 </figcaption>
</figure>
Despite crypto adoption stagnating, the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ATM ecosystem continues to thrive in Canada. The country hosts the second-largest network of crypto ATMs globally after the United States. 
As shown below, Canada is home to 2,941 (7.7%) of active Bitcoin ATMs.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a0db2502-562a-4bbf-b478-086f1fac0511.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Chart showing the distribution of crypto ATMs installed in various countries and continents. Source: Coin ATM Radar
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/canada-retail-crypto-trading-growth">Retail crypto market growth in Canada driven by market factors, regulation</a>
On the flip side, the Bank of Canada continues to further efforts toward financial innovation. The central bank recently <a href="https://cointelegraph.com/news/bis-canada-central-bank-toronto-innovation-hub">inaugurated a new innovation hub</a> in collaboration with the Bank for International Settlements (BIS), called the BIS Toronto Innovation Centre. 
<h2 data-ct-non-breakable="true" id="financial-innovation-for-canada">Financial innovation for Canada</h2>
The announcement highlighted that the new hub will work in Canada, Latin America and the Caribbean. Bank of Canada Governor Tiff Macklem said that the partnership is important to fostering innovation in the region, adding:
<blockquote data-ct-non-breakable="true">
 “As the financial sector continues to evolve, we need to innovate in different areas and apply skills that aren’t traditionally associated with central banking. By doing so, Canadians can share in the benefits of innovation.”
</blockquote>
The hub will focus on three of the BIS’s six priority themes: open finance, next-generation financial market infrastructures and&nbsp;<a href="https://cointelegraph.com/learn/what-is-a-cbdc-why-central-banks-want-to-get-into-digital-currencies">central bank digital currencies</a>.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-phishing-scammer-hedera/">Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K</a>

Canadian crypto adoption struggles as cash remains king

Съдържание

Cointelegraph

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