moved for leave to introduce Bill C-276, An Act to establish a framework for the continued access to and use of cash in Canada and to make related amendments to other Acts.
Mr. Speaker, it is an honour to introduce the bill that would establish a national framework to protect Canadians' ability to access and use physical cash and to ensure that no central bank digital currency can be created without the express authorization of Parliament.
In recent years, digital transactions have grown rapidly, but millions of Canadians still depend on cash for daily life. Seniors, indigenous communities, newcomers, people living in poverty, those in remote rural regions and victims of financial or domestic abuse rely on cash because it is accessible, reliable and safe. Cash is the only form of payment that does not depend on Internet or the electrical grid. Cash does not fail. It works every time in every circumstance for every person.
The framework this bill would establish would ensure that cash infrastructure remains resilient. Cash protects privacy at a time when government, corporate and financial sector data collection is expanding dramatically. It is also the only truly anonymous payment method. This bill would amend the Bank of Canada Act to require parliamentary approval before a central bank digital currency could be developed or issued. This legislation would ensure that future digital systems remain optional, not forced, and that Canadians retain control over their own finances. It would protect privacy, strengthen resilience and defend those who depend on physical currency.
I am proud to introduce this framework on the access to and the use of cash. I urge all members to support it.
(Motions deemed adopted, bill read the first time and printed)