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Cryptocurrency Adoption in Canada Struggles, While Cash Remains King — TradingView News
Less than 3% of Canadians have used Bitcoin or other cryptocurrencies for everyday payments for two consecutive years.
An annual Bank of Canada survey revealed the nation’s continued affinity for cash and bank cards to make payments in 2022 and 2023. However, the use of payment alternatives has generally increased over the past decade.
Cash and Card Dominance in Canada
Among the many alternatives to cash and cards, most Canadian respondents preferred to use wire transfer, a method of transferring money using email addresses or phone numbers.Coin’s Telegraph
On the other hand, cryptocurrencies remain the least favored payment method in Canada. In 2022, 2.2% of respondents used cryptocurrencies for payments, a percentage that increased to 2.5% in 2023, as shown in the chart above.
Reluctance to embrace a cashless future
The main reason for the slow adoption of cryptocurrency in Canada is the widespread reluctance to give up cash. Over 80% of respondents said they had “no plans to stop using cash in the future,” a trend that has continued since 2019.
Despite cryptocurrency adoption stagnating, Bitcoin 
As shown below, there are 2,941 active Bitcoin ATMs (7.7%) in Canada.
Related: Canada Retail Cryptocurrency Market Growth Driven by Market and Regulatory Factors
On the other hand, the Bank of Canada continues to promote efforts towards financial innovation. The central bank recently inaugurated a new innovation hub in collaboration with the Bank for International Settlements (BIS), called the BIS Toronto Innovation Centre.
Financial Innovation for Canada
The announcement noted that the new hub will work in Canada, Latin America and the Caribbean. Bank of Canada Governor Tiff Macklem said the partnership is important to foster innovation in the region, adding:
“As the financial sector continues to evolve, we need to innovate in different areas and apply skills that are not traditionally associated with the central bank. That way, Canadians can share in the benefits of innovation.”
The hub will focus on three of the six BIS priority themes: open finance, next-generation financial market infrastructures and central bank digital currencies.