Only 25% of Australians Back CBDC Issuance By Government
Based on a new survey released by global decision intelligence company, Morning Consult, just a fourth of the Australian population backs issuing a central bank digital currency (CBDC). Also, only five percent of those Australian citizens who participated in the survey would “strongly” favor such a development.
Support for CBDCs is massively higher in emerging markets. For example, 61% of Columbia citizens want their government to release a national digital currency.
Also, in India, just 66% want to get a CBDC and support such an initiative. However, Japan has the lowest number of citizens who support owning a CBDC, with only 3% backing such innovation.
There is more support for CBDCs in developing countries than in developed ones because many have limited access to traditional banking services. Hence, most of them see central bank digital currency as a tool for hyping financial inclusion, which also threatens financial stability.
Meanwhile, most survey participants in both developed and developing countries agree that private cryptos like Ethereum and Bitcoin (BTC) would threaten financial stability.
Only 15% of participants from Australia are sure that cryptocurrencies can improve financial stability and not break it. Also, nearly half of India’s participants strongly favor private cryptocurrencies.
Australia’s CBDC Pilot Be Completed Next Year
Although a fourth of Australians support a national digital currency development, The Reserve Bank of Australia (RBA) is finishing its CBDC pilot. It hopes to complete it by the middle of 2023.
The main goal of the pilot is to “check innovative use cases” that could be backed by the issuance of a national digital currency.
The bank also released a white paper to pass new rules and regulations. According to the details of the white paper, the project was also looking into regulatory considerations related to a CBDC.
However, the white paper did not disclose any financial commitment from the Reserve Bank of Australia to issuing a national digital currency. It only requests freewill donations from industry players towards continued research.
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