• Surveys conducted in Canada and the UK demonstrate that skepticism towards central bank digital currencies (CBDCs) is prevalent.
• In Canada, 39% of 1,500 people surveyed expressed concerns about losing control over their finances if CBDCs were implemented.
• In the UK, awareness and knowledge about CBDCs among the general public are relatively low compared to the crypto community.
Surveys Reveal Strong CBDC Skepticism in Canada and UK
Skepticism Towards CBDCs Prevalent Across Globe
Surveys conducted in Canada and the UK demonstrate that skepticism towards central bank digital currencies (CBDCs) is prevalent across the globe. Approximately 39% of the 1,500 Canadians surveyed by WealthRocket expressed concerns about losing control over their finances if CBDCs were implemented. The survey further revealed that 59% of Canadians said they were willing to use CBDC for payments, while 25% said they were not willing at all. It also revealed that Canadians have some other concerns about CBDCs, including the potential for fraud, cyber attacks, and the phasing out of cash.
Low Awareness & Knowledge About Digital Pound in UK
In the UK, Bank of England and HM Treasury have been exploring the possibility of a CBDC since 2021. However, awareness and knowledge about CBDCs among general public are relatively low compared to crypto community as per survey conducted by Trezor. The survey revealed that 55% of Brits had heard of digital pound but their understanding its potential impact remains limited. Respondents also raised concerns regarding authorities having control over their funds as 73%, expiration of CBDCs as 67%, and control over which goods & services can be paid using technology as 62%.
Political View Influences Attitude Toward CBDCs
The surveys also showed that political views influence attitude toward this technology. Conservatives who identified themselves as „right-wing“ showed more interest in using a digital currency than those on left side of spectrum who identified themselves as „left-wing“. This could be due to conservative’s preference for traditional financial systems where governments play an important role in regulation & oversight; whereas left-leaning individuals may be wary of government involvement in financial matters due to privacy & security concerns associated with it.
Potential Benefits Highlighted By Canadians
The potential benefits highlighted by Canadians include safety and convenience offered by using a digital currency instead of paper money or coins when making payments online or offline. The Bank of Canada has said that a CBDC could protect country’s economy from rise cryptocurrencies or other countries issuing their own version; however paper bills will continue to part part of financial system even after implementation electronic currency like this one.
