The global investment industry is showing limited support and a lack of understanding for central bank digital currencies (CBDCs), according to the largest survey conducted on the topic. The survey, conducted by the CFA Institute, found that only 42 percent of the over 4,150 respondents believed that CBDCs should be launched.
Several countries, including the Bahamas and Nigeria, have already launched CBDCs, while 130 others representing 98 percent of the global economy are considering doing the same. The survey results showed that there is little understanding of CBDCs, particularly in developed economies where digital payments are already prevalent. Only 37 percent of respondents from developed markets favored the creation of a CBDC, compared to 61 percent in emerging markets.
The United States had the lowest level of support for a digital dollar at 31 percent, while China had the highest support rate at 70 percent. Concerns were also raised about cyber hacking and data privacy in relation to CBDCs. The survey also found that younger respondents were more receptive to CBDCs, indicating a possible generational divide. Overall, the survey highlighted the need to further examine the benefits of CBDCs compared to existing payment systems.
