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- 1 A survey report states that the issuing of the CBDC is only supported by 16% of Americans.
- 2 The survey report is prepared by a public policy research organization.
The adoption of Central Bank Digital Currency or CBDC at the worldwide level is mainly in the “working” phase. As per the data sourced by CBDC tracker, this year, some countries like Switzerland, Peru, Mauritius, and Kuwait are working in the “research” phase of Central Bank Digital Currency. Sweden, the Russian Federation, Japan, and Israel are in the “Proof of Concept” phase.
Meanwhile, from 2020, the United States of America is doing its research in a similar field.
An institute has released its survey report about the adoption of CBDC in the United States of America. As added in the survey report,”75% of Americans would oppose a CBDC if the government could control what people buy.”
What’s Inside the CBDC Survey Report?
On May 31st, the Cato Institute shared its CBDC-based survey report. The survey was based in America, and stated that “only 16% of the Americans” are in favor of Central Bank Digital Currency.
Cato Institute is a non-government and nonprofit organization based in Washington, DC. As per the 2020 Global Go to Think Index Report, Cato is at 13th position in the “Top Think Tanks in the U.S.”
NEW POLL: Nearly 8 in 10 Americans (78%) say they would not use a Central Bank Digital Currency (CBDC) if one were offered.
— Emily Ekins (@emilyekins) May 31, 2023
More than twice as many Americans (34%) oppose a CBDC as support it (16%).
A #CatoPolls 🧵… pic.twitter.com/y3GnX7I7qd
The institute released a report about how Americans are adopting CBDCs. As per the report, the Republicans oppose the government-backed currency, while the Democrats are approaching it with caution. The report further noted the risks and benefits of CBDC.
The Vice President of the Cato Institute, Emily Ekins, shared a tweet that was about their “poll.” As per the tweet, nearly 78% of the Americans said they would not use CBDC even if one were offered.”
As Ekins further added, “The Americans are opposed to a CBDC if it gives the government the ability to control the people’s spending.” On the other hand, more Americans support than oppose a CBDC if it reduces financial crimes.” Meanwhile, if the Americans learned about this currency with their possible benefits and risks, then “3 in 4 said the U.S. should not issue a CBDC.”
They shared the concern that “over the potential for government control and monitoring outweighs their excitement related to the potential of CBDC to curb financial crime and increase inclusion.”
The survey also mentioned that “nearly 3/4th of the Americans trust private banks for managing their money and personal data more than the federal government.”
However, those who support the view of the federal reserve are more likely to support a CBDC.
The End Notes!
The survey by Cato clearly shows that only a few Americans are in support of Central Bank Digital Currencies. After the release of this survey report, some may argue that this survey stacked the deck against CBDCs, but it gave equal time to potential benefits. Forbes Digital Assets also covered this survey report after its release.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
