According to a recent study by the Bank of Canada, ownership of Bitcoin in the country fell to 9% by August 2022 before barely rising to 10% by the end of the year. Canadians were mostly driven to purchase Bitcoin for financial reasons. Although cryptocurrency mining and mobile and web apps were the most popular ways to purchase cryptocurrencies in Canada, the drop in crypto ownership in that country was blamed on ecosystem breakdowns, legislative barriers, and value depreciation. The BOC still thinks that this study is relevant for keeping an eye on circumstances that might necessitate the issuance of central bank digital foreign currency.
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