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

Short Title Short title 1 This Act may be cited as the Framework on the Access to and Use of Cash Act . Interpretation Definitions 2 The following definitions apply in this Act. cash  means coins and notes referred to in subsection 8(1) of the Currency Act . ( espèces ) Minister  means the Minister of Finance. ( ministre ) Comprehensive Review Review by Minister 3 Within 90 days after the day on which this Act comes into force, the Minister must undertake a comprehensive review of existing legislation, regulations and policies in relation to the availability of cash within financial institutions. Framework Development 4 (1) The Minister must develop and implement a framework to ensure continued access to cash in Canada. Contents (2) The framework must include measures to (a) ensure that everyone in Canada has access to cash by ensuring, among other things, that the necessary infrastructure is present across Canada to allow cash withdrawals and deposits, and determining a reasonable distance for people to travel to withdraw or deposit cash; (b) protect the ability of persons, including businesses, in Canada to continue to use cash despite the availability of digital currencies, including cryptocurrencies; (c) remove barriers and disincentives in relation to donations made in cash to non-profit organizations and community organizations, without compromising efforts to curtail money laundering, fraud and other financial crimes; and (d) ensure the long-term viability of Canada’s cash infrastructure — which includes the equipment and facilities required for the sorting, storing and distribution of cash — by ensuring that it remains effective, resilient and sustainable. Reports to Parliament Tabling of framework 5 (1) Within 18 months after the day on which this Act comes into force, the Minister must prepare a report setting out the framework and any recommendations related to its development and implementation and cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after it is completed. Publication (2) The Minister must publish the report on the website of the Department of Finance within 10 days after the report has been tabled in both Houses of Parliament. Review 6 Within three years after the report referred to in section 5 has been tabled in both Houses of Parliament, the Minister must undertake a review of the implementation, effectiveness and social and economic impacts of the framework, prepare a report setting out any findings and recommendations and cause the report to be tabled in each House of Parliament on any of the first 15 days on which that House is sitting after it is completed. Related Amendments R.S., c. C-52 Currency Act 7 Subsection 9(1) of the Currency Act is repealed. R.S., c. B-2 Bank of Canada Act 8 Section 23 of the Bank of Canada Act is renumbered as subsection 23(1) and is amended by adding the following: Prohibition — central bank digital currency (2) The Bank shall not issue a digital form of the dollar. 9 Subparagraph 25(2)(b)(ii) of the Act is replaced by the following: (ii) its notes that were called in by an order made under the Currency Act .