As cash usage declines, there's growing talk about Canada introducing a digital currency. Recently, Bank of Canada staff made their boldest statement yet on digital currency, suggesting in a report that “it’s likely” we’ll need a digital form of cash — though this isn’t the central bank’s official stance just yet. While the BoC has been hesitant about the need for digital currency, two things are happening that may change their minds: fewer people using cash and more folks using cryptocurrencies not backed by central banks. In 2022, cash payments only made up 10% of transactions, down a lot from 59% five years ago, and there's been a 13.6% jump in crypto users from 2022 to 2023. A central bank digital currency (CBDC) would be like digital cash — it's worth the same as cash, doesn't earn interest, and you don't need an ID to use it. The difference is you can store it on your phone or a card, and it's not tied to any commercial bank. Countries like Australia and China have already embraced this concept. But, Canadians have mixed feelings: 36% find digital currencies appealing, while 30% aren't sold on them yet. Still, it’ll take more research before a digital currency becomes a reality — we’re talking years down the road. And for the 31% of you who still love using cash for daily stuff, don’t worry — the BoC says a CBDC would work alongside cash, not replace it.