Survey shows that most Brits are skeptical of digital currencies issued by central banks

English Sep 6, 2021

The British public doesn't believe in the central bank's digital coins, noted a recent survey by Redfield & Wilton Strategies that collected data from 2,500 UK adults.

A central bank digital currency, or CBDC, is a digital currency issued by a country's central bank. They are opposed to traditional cryptocurrencies such as Bitcoin or Ethereum, which do not have a centralized currency-issuing entity.

According to the survey, 24% of British adults surveyed - less than a quarter - believe that a CBDC would be a positive outcome for society. A total of 30% believe that a CBDC would do more harm than good to the UK.

Respondents listed a wide range of concerns, the biggest of which was the threat of cyber attacks and hackers potentially undermining a Bank of England-issued CBDC. A total of 73% of respondents were concerned about this risk.

Second - with 70% of respondents listing this as a concern - was the potential loss of payment privacy. 66% of respondents said they were concerned that government officials might confiscate their digital wallet funds.

What's more, 45% of respondents raised concerns about the potential environmental damage a CBDC would cause - a concern that is common among cryptocurrencies like Bitcoin.

Although in April of this year, the Bank of England and HM Treasury launched a task force with the explicit aim of exploring the potential use of a CBDC in the UK.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.