According to a recent survey conducted by the Cato Institute and Yougov, the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The survey, which took place from February 27 to March 8, 2023, involved 2,126 individuals and aimed to gauge public sentiment towards a potential CBDC.
One of the key questions posed to respondents was whether they would support a government-issued CBDC that allowed the government to monitor all purchases. The findings revealed that only 13% of participants expressed full support for such a CBDC, while a significant majority of 68% were opposed. Approximately 20% remained undecided and did not have a clear preference.
Similarly, when asked about a CBDC that would give the government control over their spending, only 10% of respondents fully backed the idea, with 74% being adamantly against it. Again, about 16% remained uncertain and could not firmly commit to either side. The survey also explored support for a CBDC designed to combat money laundering and fraud, with 42% of participants expressing total approval.
However, when it came to a CBDC aimed at ensuring welfare recipients use funds as intended, opinions were more evenly split. Exactly 40% of respondents strongly supported it, while approximately 31% firmly disapproved and 28% were undecided. These findings indicate that while there is some support for specific use cases of a CBDC, overall, the majority of Americans remain hesitant about its adoption.
The survey revealed that 34% of Americans oppose the launch of a CBDC by the U.S. central bank, while only 16% favor the idea. Notably, nearly half of the respondents (49%) did not have a clear opinion on the matter, possibly due to a lack of familiarity with CBDCs. In fact, 72% of participants admitted to being unfamiliar with the concept. The main concerns raised by respondents were government control over their finances and monitoring.
Looking ahead, only 22% of those surveyed believed that an American CBDC is likely to be launched, while the majority (78%) did not anticipate such a development. The survey also found that political affiliations played a role in respondents’ opinions, with most Democrats and Independents not expressing a clear opinion on the matter. However, a majority of Republicans were firmly opposed to the creation of a CBDC.
Interestingly, the survey indicated that the most appealing aspects of a CBDC were its potential to combat money laundering and financial crime, followed by its ability to support the welfare system. However, a significant 76% of respondents expressed greater concern about the potential risks associated with a CBDC than its potential benefits.
Overall, the survey conducted by the Cato Institute and Yougov highlights the prevailing hesitation among Americans towards the adoption of a central bank digital currency. While there is some support for specific use cases, concerns about government control and monitoring, as well as a general lack of familiarity with CBDCs, contribute to the majority of Americans being reluctant to embrace this new form of digital currency.