Canadian Conservative Party leader Pierre Poilievre has made a very vocal criticism of the Bank of Canada in its central bank digital currency (CBDC) plans. During a recent video question-and-answer event posted on X, Poilievre not only affirmed he is against it but also promised to vote in favor of a bill that would prohibit the government from creating a digital currency
Source – X
Poilievre described CBDCs as a government-controlled bank account. He reiterated that Canadians already possess digital money in the form of private bank accounts, and this is convenient without government intrusion. In his opinion, a CBDC would enable politicians to take direct control over citizens’ money.
He described how governments could misuse such control by distorting spending to favor certain purchases or influence political outcomes.
As an illustration, they might charge a higher interest rate to purchasers of electric vehicles or impose additional costs on those who purchase other types of vehicles. Poilievre expressed concern that the powers would put the residents of Canada at risk of having their financial independence compromised and would also increase the likelihood of political meddling.
In addition to expressing opposition to the establishment of digital currencies, Poilievre has pledged to protect the right of Canadians to make use of money in the form of cash. Despite the trend toward digital payment methods, he is an advocate for cash to continue to be recognized as a valid form of payment in Canada.
Conservative MP Ted Falk has introduced a bill in the House of Commons to prohibit CBDCs, with open support from Poilievre.
The fight brings to the fore the tussle between money, privacy, and government authority. Poilievre is against what he terms as government overreach in regulating the day-to-day financial transactions and locking accounts on political grounds.
His point is that the government must not have more control over people’s money; rather, the opposite.
This discussion is only a subset of the larger discussion around the world regarding CBDCs and privacy, where fears of centralisation of control conflict with technological advances in payments.
This is an issue the Canadian Conservative Party is making the focus of before any future action by the Bank of Canada later this year.
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