The difficulties that central banks may encounter in developing an inclusive central bank digital currency (CBDC) were examined in a discussion paper published by the Bank of Canada. Financial inclusion, digital inclusion, and practical accessibility were recognised as the three categories of inclusion required for a payment mechanism that is globally accessible. The authors contend that more people than previously believed experience hurdles or exclusion, and that all three facets of accessibility must be taken into consideration to prevent favouring particular groups.
For instance, Canadians of First Nations descent typically reside much further away from banking institutions than do other Canadians, therefore digital inclusion is essential for their financial inclusion. Along with cognitive load and usability difficulties, which could become more prevalent as the population ages, financial literacy and simplicity of use are also crucial considerations. People with disabilities can find it more challenging to use the device. The authors contend that the delivery of services presents the greatest obstacle, not CBDC itself, and that in order to address these issues, central banks will have to take on issues that are often outside of their area of expertise.