The British public does not believe in the Central Bank’s digital currencies, according to a survey of 2,500 adults in Britain conducted for POLITICO this month by REDFIELD &Wilton strategies.
The digital currency of the central bank, or CBDC, is the digital currency issued by the country’s Central Bank. These are different from traditional cryptocurrencies such as Bitcoin or Ethereum, which do not have a central entity issuing the currency.
According to the survey, 24% of adults surveyed in England-less than a quarter-believe CBDC will be a net positive for society. A total of 30% think the CBDC will do more harm to the UK than good.
Respondents reported a wide range of issues-cyber attacks and the threat of hackers-potentially weakening CBDC, published by the Bank of England. Overall, 73% were concerned about the risk.
In second place-70 per cent described it as a problem-was a potential loss of payment privacy. Nearly two – thirds of those surveyed – 66% – said they were concerned the government could take their money from digital wallets.
Moreover, 45% of respondents expressed concern about the potential environmental damage CBDC could cause—a common problem among cryptocurrencies such as bitcoin.Dec.
In response, Tom Matton, the Bank of England’s fintech director, has reportedly indicated that CBDC could bring many benefits to the UK.
“Access to central bank money in the form of CBDC could make it easier to achieve broader public policy goals,” Mutton said. “These range from potential benefits to competition and payment diversity to opportunities to encourage greater access to financial services and protect privacy,”he added.
UK government’s attitude towards CBDC
The British government is still on the verge of launching CBDC.
China’s digital yuan vs bitcoin
Last March, Bank of England Governor Mark Carney said the Bank of England was releasing cbdc STI
