Canadian Crypto Adoption Lags Behind: Cash Remains King

Despite a decade of increasing alternative payment methods, cryptocurrency adoption in Canada remains low, with less than 3% of Canadians using Bitcoin or other cryptos for daily payments. This is highlighted by a Bank of Canada survey showing a strong preference for cash and cards in 2022 and 2023. E-transfer was the most favored alternative payment method. The survey also revealed a reluctance to embrace a cashless future, with over 80% of respondents indicating they have no plans to stop using cash. While crypto adoption stagnates, Canada's Bitcoin ATM network continues to thrive, ranking second largest globally after the US. However, the Bank of Canada is actively pursuing financial innovation through a new BIS Innovation Centre in Toronto, focused on areas like open finance, next-generation financial market infrastructures, and central bank digital currencies. This initiative aims to foster innovation and benefit Canadians.