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Hardware wallet maker Trezor and financial information site WealthRocket conducted two independent polls to analyze the sentiment of UK respondents regarding the future implementation of the Central Bank Digital Currency (CBDC).
The survey results showed that about 25% of respondents strongly rejected the idea of using CBDC for everyday payments, citing the risks of potential fraud and the abolition of cash as reasons for their rejection.
About 73% of respondents were concerned that the nation’s fiscal authorities would be able to monitor CBDC holders’ personal preferences and private transactions. Another 67% of those surveyed attributed their fears to the possibility that CBDC holders’ balances could be unilaterally zeroed out if the digital assets are not spent in full before they expire.
“The vast majority of citizens are unhappy that government oversight agencies will be given the excessive powers that CBDCs can give them. So before the UK goes too far in rolling out a central bank digital currency, there needs to be a careful social debate with ordinary citizens,” the report says.
In late June, the Bank of England (BoE) administration issued a statement that the design of the country’s future central bank national digital currency will be anonymous and confidential.