Surveys Reveal Strong CBDC Skepticism in Canada and UK

cryptonews.com:

Surveys conducted in Canada and the UK demonstrate that skepticism towards central bank digital currencies (CBDCs) is prevalent across the globe. 

According to recent studies conducted by Trezor and WealthRocket, people in both Canada and the UK have reservations about embracing CBDCs as an alternative to cash. 

Approximately 39% of the 1,500 Canadians surveyed by WealthRocket expressed concerns about losing control over their finances if CBDCs were implemented. 

Many individuals fear that granting the government unilateral control over their money may compromise their financial autonomy. 

The survey further revealed that 59% of Canadians said they were willing to use CBDC for payments, while 25% said they were not willing at all.

It also revealed that Canadians have some other concerns about CBDCs, including the potential for fraud, cyber attacks, and the phasing out of cash. 

However, the Bank of Canada has claimed that that paper bills will continue to be a part of the financial system. 

The potential benefits highlighted by Canadians include safety and convenience. 

The Bank of Canada has said that a CBDC could protect the country's economy from the rise of cryptocurrencies or CBDCs issued by other nations.

In the UK, the Bank of England and HM Treasury have been exploring the possibility of a CBDC since 2021. In fact, the UK government has mentioned "digital pound" as a potential CBDC in a recent Consultation Paper.

However, awareness and knowledge about CBDCs among the general public are relatively low compared to the crypto community, the survey conducted by Trezor shows. 

The survey revealed that while 55% of Brits have heard of the digital pound, their understanding of its potential impact remains limited. 

Respondents also