Bill Detail
An Act to establish a framework for the continued access to and use of cash in Canada and to make related amendments to other Acts
This enactment provides for the development and implementation of a framework to ensure that cash continues to be available throughout Canada.
It also amends the Currency Act and the Bank of Canada Act to remove the Governor in Council’s power to call in coins and notes. Finally, it amends the Bank of Canada Act to prohibit the Bank of Canada from issuing a digital form of the dollar.
This bill, if passed, would create a framework to ensure Canadians can continue to access and use cash. It aims to guarantee that everyone, including vulnerable populations like seniors and low-income individuals who rely on cash, has easy access to withdraw and deposit it. The bill also seeks to protect the ability to use cash for donations to charities and for general transactions, acknowledging its privacy benefits.
Furthermore, the bill would amend existing laws to remove the government's power to recall coins and notes, and importantly, would prohibit the Bank of Canada from issuing a digital version of the Canadian dollar. This aims to maintain the long-term viability of Canada's cash infrastructure and prevent barriers to cash usage.