- Around 4,850 people from the US, UK, and Europe were questioned in the poll.
- The survey found that 44% of people would rather use cash than CBDCs.
Although several central banks worldwide are considering the possibility of introducing a Central Bank Digital Currency (CBDC). A recent poll found that most customers are not keen on utilizing such products. Therefore cash will likely remain in circulation for the foreseeable future.
Around 4,850 people from the US, UK, and Europe were questioned in the poll by Germany’s top investment bank, Deutsche Bank. Cash and credit/debit cards are the preferred traditional payment methods, according to most respondents.
Cash More Preferred Than CBDCs
The survey found that while 44% of people would rather use cash than CBDCs, 59% think cash will always be necessary. Just 16 percent of those who took the survey think that CBDCs will soon be accepted everywhere.
While the majority of respondents were wary about CBDCs. Over a third expressed a preference for a government-managed cryptocurrency over one supported by private entities.
Additionally, the poll found that people are quite hesitant to use CBDCs because of privacy concerns. When compared to digital currencies backed by governments, the vast majority of participants—particularly those in the United States—think that anonymous cryptocurrencies provide superior privacy. The percentage of those who would rather use a private cryptocurrency, such as Bitcoin, was around 21%.
In contrast to the United States and the United Kingdom, the majority of European respondents favored cash more strongly because of the anonymity it provides.
The poll found that central banks are looking at wholesale CBDC use cases more and more. But that user mistrust is still a big problem with widespread adoption. The majority of Canadians (86%) are against CBDCs, according to a Bank of Canada survey. Even more shocking is the fact that a staggering 92% would rather have physical currency than a digital Canadian dollar (CAD).
