The majority of countries in the world are exploring the issuance of their own central bank digital currency. Less than half of financial professionals believe such electronic fiat should be launched, according to a CFA survey.
Despite international support amongst governments and central banks for the issuance of digital currencies, many financial professionals have a different opinion. According to a CFA Institute survey, only 42 percent of more than 4,150 respondents believed that central bank digital currencies (CBDC) should be launched at all.
The top concern about CBDCs globally was the risk of hackers at 69 percent. Data privacy was also cited as a major concern in developed markets (64 percent) and emerging markets (57 percent).
Acceptance by Demographics
Acceptance rate varied amongst different groups of respondents with a notable gap between developed and emerging markets where 37 percent and 61 percent favoured CBDCs, respectively.
This includes 31 percent in the US, 38 percent in Canada, 45 percent in the EU and 46 percent in the UK. Within Asia, acceptance was high amongst its two most populous nations with 70 percent supporting a CBDC launch in China and 66 percent in India.
In contrast, there is a near consensus amongst government and central banks to push CBDC-related efforts. A Bank of International Settlements survey found that 93 percent of central banks were engaged in some form of work related to digital currencies while an Atlantic Council study said that 130 countries were exploring their own CBDC.
