Was Canadian banks outages a sign to adopt Central Bank Digital Currency?
The majority of the Canadian banks faced downtime on 16 February mysteriously. Left many questions among the traditional banking financial system believers.
The whole world witnessed how a small effort of common citizens resulted in a high-level protest against the Canadian government. Government agencies of Canada created a situation where protestors failed to get Financial crowdfunding help from the traditional banks. After that protestors took support from crypto assets-based crowdfunding platforms.
Reportedly on 16 February, almost all the major banks of Canada failed to give Bank services like funds transactions through net banking or e-banking services. These banks included Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, TD Bank Canada, and the Canadian Imperial Bank of Commerce (CIBC).
The numbers of complaints significantly raised at 5 p.m. and 6 p.m. Eastern time on Wednesday, February 16. On the next day, many people claim that they are still facing issues with the banking services.
On such increasing questions, RBC stated that they are facing some technical issues, that is why users are failing to use the services smoothly and also ensured that the technical team will fix these issues soon.
“We are currently experiencing technical issues with our online and mobile banking, as well as our phone systems..()…Our experts are investigating and working to get this fixed as quickly as possible, but we have no ETA to provide at this time. We appreciate your patience.”
After all these, few people claimed that the government of Canada forcibly imposed such restrictions on the banking services, so the protesters can’t get access to any support in any way.
Few experts claimed that due to the Emergency Act fear, many people started to cash out their funds from the bank, that’s why government agencies forcibly stopped it.
However, allegations are outside of this course but the problem is still associated with the traditional technologies. Many experts claims that it is time to get evolved with the adoption of blockchain technology through Central Bank Digital Currency (CBDCs).
Read also: US Millennials flocking to crypto like financing methods such as crypto: Survey
