The Member of Parliament for Provencher wants to make sure that the ability to use cash as currency is not lost in our country.
Ted Falk had the opportunity last week to introduce a private member's bill. Bill C-400 has been tabled, which calls for a national framework to ensure continued access to and use of cash in Canada.
"In a world where commerce is moving at a rapid pace towards plastic, online, and digital currencies, many Canadians, including many in my riding of Provencher, are concerned about their access to and ability to still use cash as currency," says Falk.
The Provencher MP says he was caught off guard last winter while attending a Winnipeg Jets game with his grandson. Falk was attempting to pay for food with cash when he was told that the Canada Life Centre is a cashless venue. Knowing that a lot of people do not have access to credit cards, debit cards, or electronic wallets, Falk says he felt that Canada's Finance Minister needed to review the whole issue of using cash in our country. That is what prompted this bill.
Falk says he believes this bill is something that all parties can latch onto.
"I've had some early discussions from people that think it's a good idea here in Parliament," he says.
Falk says cash remains the only truly anonymous form of payment. Further to that, he says payment in cash is essential at a lot of community events and festivals. For example, he says a lot of vendors at last week's Summer In The City in Steinbach only accepted cash. He adds that 50/50 draws are also often cash-driven and says some communities do not have access to financial institutions or even ATMs.
"It resonates with all Canadians right across the country from coast to coast," he says. "I think it especially resonates in northern communities as well and people that are perhaps not quite as accessible to financial institutions or ATM networks."
Falk says this legislation would also amend the Currency Act to limit the Minister's ability to arbitrarily and unilaterally call in banknotes and the Bank of Canada Act to ensure the central bank does not develop, or replace hard currency, with a digital dollar.
Falk says he does not think the power should lie in the hands of any one minister or cabinet to remove banknotes. Rather, he says this should be the decision of Parliament. Falk says it was only about six years ago when the $1,000 and $25 bills were officially taken out of circulation.
As mentioned, Falk's bill was introduced last week. Falk says Parliament will reconvene in September, picking up with the private member's bills that have been introduced. He notes the first hour of debate on Bill C-400 will be on October 23rd.
Meanwhile, this is not the first time that Falk has introduced a private member's bill. In 2016, Falk introduced the Fairness in Charitable Gifts Act. However, it failed to make it to committee.