CBDCs or Central Bank Digital Currency are digital currencies that are issued by the Central Bank or state. The concept was originally developed by Bitcoin and several other blockchain-based currencies. Furthermore, countries like India, Sweden, China, Nigeria, Jamaica, etc., are already considering implementing CBDCs. However, talks of implementation have brought about various opinions and preferences about CBDCs.

Thus, Real Research conducted a survey on the Rise of CBDCs. Specifically, the survey aims to find a public opinion on the use of such digital currencies and its possible drawbacks. Here are the results.

Highlights

  • 51.14% are looking forward to CBDCs reducing the need for intermediaries (banks etc.)
  • 68.99% say that CBDCs will be more effective than traditional currencies.
  • 49.65% say CBDCs aren’t truly centralized as the government will be in charge.

Benefits of Central Bank Digital Currency

The survey begins by asking whether respondents are aware of Central Bank Digital Currency (CBDC). On this, 82.74% are aware and 17.26% are not.

Figure 1 Respondents on the benefits of Central Bank Digital Currency
Figure 1: Respondents on the benefits of Central Bank Digital Currency

Next, the survey asks respondents which of the many benefits of CBDC they look forward to the most. In response, the majority (51.14%) look forward to the reduction in the need for intermediaries (banks, etc.), while 16.08% suggest the reduced risks.

Moreover, 14.55% of respondents also voted for technological efficiency, whereas 6.63% are looking forward to the prevention of illicit activities. A further 5.34% look forward to the reduction/elimination of transaction fees. Lastly, 5.28% look forward to greater privacy.

Central Bank Digital Currency Are More Effective Than Traditional Currency

Furthermore, the survey asks respondents whether they believe CBDCs will be more effective than traditional currencies. In response, a majority of 68.99% say ‘yes’ while 11.39% say ‘no’.

Figure 2 Respondents on CBDCs being more effective than traditional currencies
Figure 2: Respondents on CBDCs being more effective than traditional currencies

Additionally, the survey asks respondents if they felt a reduction in the global use of cash after the coronavirus pandemic. The majority (82.85%) say ‘yes’ and 17.15% say ‘no’.

Next, the survey asks if respondents are willing to shift to the use of Central Bank Digital Currency (CBDCs). In reply, all 60.16% are looking forward to it, while 9.59% are not. To highlight, 15.57% may consider shifting to CBDCs.

The Majority Feel CBDCs Are More Effective Than Crypto

Moving on, the survey asks respondents if they feel Central Bank Digital Currency is more effective than cryptocurrency. A whopping 70.31% say ‘yes’ and 11.68% say ‘no’.

Figure 3 Respondents on CBDCs being more effective than cryptocurrency
Figure 3: Respondents on CBDCs being more effective than cryptocurrency

Furthermore, the survey asks respondents what countries they believe are implementing digital currencies. Up to 52.21% said India, while 13.21% said China, 13.09% said Russia, and 8.66% said Nigeria. Moreover, 6.29% said Sweden, and 4.51% said Jamaica.

To conclude, the survey asks respondents about the possible drawbacks of CBDC. Here, 49.65% feel CBDC is not centralized as the government will be in charge. Whereas, 23.85% suggest drawbacks of technological demands. Furthermore, 13.80% feel most people in their country will not understand how to use it, and 11.56% say the transition could be costly.

Methodology

 
Survey TitleSurvey on the Rise of CBDCs
DurationApril 15 – April 22, 2022
Number of Participants40,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.