This means that: bank notes remain available to Canadians who want to use them, including marginalized populations in our society; the Canadian payment system is brought up to date and problems with cross-border payments are addressed; and an appropriate regulatory framework for stablecoins and other private digital currencies is established, both in Canada and globally.
All this being said, the world can change very quickly. The Bank of Canada can imagine scenarios in which we would consider issuing a CBDC so we can continue to provide Canadians with trustworthy methods of payment. One scenario would be if we ever reach the tipping point where cash could no longer be used for a sufficiently wide range of transactions.