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.
Bill C-400 aims to ensure Canadians can continue to use cash. It proposes a framework for making cash accessible across the country, including measures to encourage businesses to accept cash payments and protect the privacy benefits of using physical currency. This is particularly important for vulnerable populations like seniors and newcomers who may rely more on cash.
The bill also makes changes to existing laws. It removes the government's power to 'call in' (discontinue) coins and notes, and importantly, it prohibits the Bank of Canada from issuing a digital version of the Canadian dollar. The Minister of Finance will be responsible for developing and reporting on this framework.