By Hassan Mehmood (Saudi Arabia)
There are many countries where CBDCs are not widely accepted among the locals. However, the citizens of Canada seem to be open to the idea of a government-issued digitized currency.
A new survey conducted in the region carried out by WealthLocket indicates that the locals of the country are open to the idea of CBDC adoption. Nevertheless, the citizens have also voiced their concerns regarding the project such as privacy issues, fraud, cyber-attacks, and loss of financial autonomy.
The officials at WealthLocket queried around 1500 Canadian natives above 18 years. As per the final results of the survey, around 59% of the participants accepted the idea of CBDCs.
Meanwhile, 5% of the masses shared their strong support for a digitized legal tender. The remainder of survey participants maintained that they were not ready to adopt the CBDC at all. Most of the naysayers aired privacy issues related to CBDC usage.
CBDCs can Transform Financial and Economic Infrastructure of a Country
When it comes to CBDCs or the digitized form of a fiat currency or the legal tender, there are many aspects to consider. On the one hand, there are strong benefits of the project such as easy digital transactions, instant settlement, cheaper transaction costs, easier cross-border payments, and secure payment channels.
All of these qualities are included with the added benefit of conducting financial payments without the need for middlemen such as banks or other financial processing partners.
Also read:Bank of Canada issued a public statement in May concerning its local CBDC project. At present, most governments are currently working on a localized CBDC project since the popularity and global adoption of blockchain technology.
The Central Banking enterprise of the North American nation maintained that it does not plan to issue a CBDC right away. However, the institution has continued to work on developing the project in case a majority of the world banking infrastructure shifts and Parliament issues orders to implement it.
Meanwhile, the Canadians who have participated in the survey have also expressed worries that the introduction of CBDCs is going to mean that it will be the end of the physical cash.
The people of the region are not ready for the adoption of a wholly digitized form of currency. The survey participants expressed concerns about potential fraud and cyber-attack threats. However, a big portion of the survey sample maintains that the Central Bank will take precautionary measures to protect their privacy.
Another survey conducted by Gaurdtime conducted in 2021 reveals that there is a willingness among the masses to use a CBDC that is issued by their native Central Banks.
The global survey covered various independent nations such as UAE, UK, USA, South Africa, Singapore, Hong Kong, France, Sweden, Germany, and Norway among others. The natives from these jurisdictions have shown an average of 64% opposition towards CBDCs.
On the other hand, there is a relatively smaller portion of people in the quoted surveys who are not on board with the idea and adoption of CBDCs. Digital Dollar executive director Jennifer Lassiter states that there is an increasing need of educating the masses on the topic to ensure methodical adoption and transparency.
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