Cato Institute experts have listed the top concerns that U.S. citizens have about the central bank digital currency (CBDC).
About 74% of respondents oppose that the digital dollar will allow authorities to control citizens’ spending, and 68% are worried about officials’ awareness of their purchasing habits.
Americans are mostly concerned about physically removing banknotes from circulation (68%), increasing vulnerability to cyberattacks (65%), imposing taxes on luxury goods during a recession (64%), and freezing digital currencies in political opposition accounts (59%).
Researchers note: Despite government claims that digital dollars can increase financial affordability, there is no clear correlation between citizens’ financial situation and support for CBDC. Roughly equal numbers of respondents earning both less than $20,000 and more than $100,000 a year (19% and 21%, respectively) expressed support for CBDC.
However, the survey authors note, a significant portion of the country’s citizens (49%) are still undecided about the state digital currency. The lack of a clear position can be explained by the fact that only 28% of Americans are familiar with CBDC, and the remaining 72% are ill-informed.
Almost a year ago, analysts at Bitcoin Policy, a U.S. think tank, called on
U.S. authorities to abandon the development of a state cryptocurrency in favor of Stablecoin and bitcoin. Analysts argued that digital dollars would not help solve the problems of the financial system, but would only “expand government control over citizens’ personal economic lives.”