Jamal Al-Farouq A recent survey conducted by the Cato Institute and Yougov, a public opinion firm, indicates that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings highlight low support for a CBDC among survey respondents.
Low Support for US CBDC: Americans Show Hesitation
In late May 2023, the Cato Institute, a public policy research organization, partnered with Yougov to conduct a survey exploring American attitudes towards the potential introduction of a CBDC. The survey, carried out from February 27 to March 8, 2023, involved 2,126 individuals and examined their stance on a CBDC under different scenarios.
One question asked participants whether they would endorse or oppose a government-issued CBDC if it allowed the government to monitor all purchases. The results showed that only 13% expressed full support, while 68% were opposed. Around 20% remained uncertain and did not express a clear preference.
Another query posed to respondents was whether they would favor or reject a CBDC that allowed the government to control their spending. In this scenario, only 10% fully supported the idea, while 74% were strongly against it. Approximately 16% remained unsure and could not firmly commit to either side. When asked about their support for a CBDC designed to combat money laundering and fraud, 42% declared their total approval.
Regarding the fraud-reducing CBDC, around 28% of those surveyed entirely rejected it, while roughly 31% could not definitively state their support. Additionally, when questioned about endorsing a CBDC that ensures welfare recipients use funds as intended, the opinions were divided: 40% strongly supported it, approximately 31% firmly disapproved, and 28% remained undecided.
Concerns about Government Control Over Spending Predominate Among Cato’s Polled Respondents
Overall, when it came to a CBDC with no specific criteria, 34% of Americans opposed the idea of the U.S. central bank launching a CBDC, while 16% favored it. Interestingly, almost half of the respondents (49%) did not have a clear opinion, potentially due to a lack of familiarity with the concept. In fact, 72% of participants admitted to being unfamiliar with CBDCs. The most common concerns regarding a potential CBDC were worries about government control over finances (cited by 66% of respondents) and monitoring.
Looking ahead, only 22% of those polled believed that an American CBDC is likely to launch, while the majority (78%) did not anticipate such a development. In terms of political affiliations, around 15% of the surveyed group identified as Libertarians. Democrats and Independents generally did not express a clear opinion, while a majority of Republicans firmly opposed the creation of a CBDC.
According to the survey, the most attractive aspect of a CBDC was 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.
We would like to hear your thoughts on the potential risks and benefits of a central bank digital currency. Please share your opinions on this subject in the comments section below.
Frequently Asked Questions (FAQs) about CBDC adoption
Q: What does the survey reveal about Americans’ attitudes towards adopting a central bank digital currency (CBDC)?
A: The survey conducted by the Cato Institute and Yougov indicates that the majority of Americans are hesitant to embrace a CBDC. The findings show low support for a CBDC among survey respondents, with concerns about government control and financial monitoring being significant factors influencing their attitudes.
4 comments
interesting findings from this survey by cato and yougov! seems like americans aren’t too keen on adopting a cbdc, probs cuz they’re worried bout gov control. gotta keep an eye on these developments, could be some potential risks involved!
cato instut and yougov did a poll on cbdc adoption and turns out majority of americans r not into it. they’re worried bout gov control n monitring, and tbh i get it, who wants big brother watchin our spending??
just read this article on cbdc survey. apparently, lotsa americans not so sure bout it. think it’s cos they’re concerned bout gov control ova their money. gotta do more research on this, could be some benefits but also risks involved, ya know?
omg this survery is like wow americans are so hesitant about this cbdc thingy gov monitoring is like not cool at all gotta protect my finances ya know