The American people are critical of the digital dollar, but see problems with the financial system.
A new study by the mining company Bitcoin System found that the majority of Americans are opposed to the introduction of a central bank digital currency ( CBDC ). The Genesis poll found that of the 400 respondents, less than 25% agree that the government should get rid of cash and introduce a digital dollar. Well over half were against it.
Nonetheless, the number of CBDC advocates has doubled in the last 12 months, because in 2019 only 13% of survey participants were enthusiastic about a digital dollar
Although more than 85% said they are already familiar with cryptocurrencies, many associate virtual currencies with crime, which could be one of the reasons behind the proposed central bank digital currency’s poor performance.
The new survey comes almost at the same time that the American central bank of Cleveland has announced that it wants to examine the possible opportunities and risks of a CBDC against the background of the corona crisis
However, the Genesis study also showed that the general public is insufficiently informed about the fundamentals of monetary policy, with 38% of those surveyed assuming that the US dollar is backed by gold, bonds or oil, while an additional 13% state that not knowing this. Despite this lack of understanding, 88% of respondents see inflation as a major political issue.