BIRC

Cash payments are shrinking as technology advances. Canada is moving towards a cashless society as credit/debit cards, e-transfers, and mobile wallets become more popular. The digital revolution has transformed consumer and commercial interactions, affecting the Canadian economy. Cashless payments’ advantages, drawbacks, and ramifications for the Canadian economy will be examined in this article. Cashless payments are growing as more Canadians go digital. Payments Canada found that 73% of Canadians make at least one digital payment every month, and this figure is anticipated to rise. Convenience, security, and e-commerce appeal promote this trend. Consumers prefer digital payments because they’re fast and easy, and they don’t risk losing cash. Since clients can shop anytime, anyplace, this convenience has improved sales for firms, particularly e-commerce. Growing cashless payments affect the Canadian economy. The possible reduction in physical money handling costs is a major gain. Businesses must pay for security, cash-handling equipment, and bank fees to utilise cash. Business may save money and focus on other important tasks by switching to digital payments. Since robberies are less likely with fewer cash, a cashless economy may help lower crime rates. Data collecting is another cashless payment benefit. All digital transactions create data that may be…

With its decentralised nature, cryptocurrency has grown in favour as an investment. Many investors are interested in this new asset class due to its rising demand and value. Canada has seen an increase in bitcoin investments. In recent years, Canada has been a hotspot for cryptocurrency investors, driving higher investments. We’ll examine Canada’s cryptocurrency investment boom and its effects on the economy in this article. Canada was not a major cryptocurrency participant early on. In recent years, that altered. Investors are drawn to the country’s booming bitcoin industry. The country’s technical advances, supporting government laws, and rising interest in bitcoin make it a good place to invest. Technology is driving bitcoin investments in Canada. Blockchain technology, which underpins most cryptocurrencies, has advanced in Canada. The country is a top blockchain development location due to its diversified IT skills. Many blockchain startup firms are exploring unique solutions utilising this technology. Blockchain-based platforms have increased investors’ trust in the nation and drawn them to these enterprises. Canada’s government promotes and regulates cryptocurrency ventures. Canada is a modern country that recognises cryptocurrencies as legal cash. Investors feel secure because the Canadian government has a defined cryptocurrency structure. Crypto-related sectors have grown due to…