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CBDC Skepticism Is Strong in Canada and England, Too
Summary: According to surveys conducted by Trezor and WealthRocket, the majority of British people are concerned about government control over their funds, while 39% of Canadians worry about losing financial control. There are substantial concerns regarding the tech that central banks and governments are exploring as an alternative to cash. Canadians, in particular, are most worried about ...
According to surveys conducted by Trezor and WealthRocket, the majority of British people are concerned about government control over their funds, while 39% of Canadians worry about losing financial control.
There are substantial concerns regarding the tech that central banks and governments are exploring as an alternative to cash.
Canadians, in particular, are most worried about fraud risks, cyberattack risks, and the possibility of cash gradually being phased out.
However, the public in Canada and the UK seem less concerned about the competitiveness of digital currencies and crypto assets.
The Bank of Canada has stated that it currently has no plans to issue a CBDC but will research the technology for potential future needs.
The Bank of England and the Treasury have been exploring the possibility of a CBDC since 2021 but have not reached a consensus on whether to ultimately launch one.
The survey conducted in the UK found that while people have limited knowledge about digital pounds, they are wary of thepotential characteristics of a CBDC.
Trezor analyst Josef Tětek emphasized that there is a significant disparity between people's understanding of digital pounds and the potential impact it may have on the British public, underscoring the need for a comprehensive and society-oriented debate.
Author: Katie Lin
