- Advantages of Cash Over Central Bank Digital Currencies
- Privacy and Respondents' Preferences
- Distrust in Digital Currencies
Despite central banks' plans to introduce Central Bank Digital Currencies (CBDC), a recent survey showed that most people continue to prefer cash over such products.
Advantages of Cash Over Central Bank Digital Currencies
A survey by Deutsche Bank, questioning 4,850 people from the US, UK, and Europe, revealed that 44% of respondents prefer using cash, with 59% believing that cash will always be necessary.
Privacy and Respondents' Preferences
According to the survey, many respondents are wary of CBDCs due to privacy concerns. Approximately 21% prefer private cryptocurrencies like Bitcoin, believing they offer better privacy. In Europe, cash is more favored because of its anonymity.
Distrust in Digital Currencies
Most surveyed individuals are skeptical about transitioning to CBDCs. For instance, 86% of Canadians are against CBDCs, with 92% preferring physical money over a digital Canadian dollar (CAD).
The survey indicated that despite central banks' efforts to introduce digital currencies, many people continue to prefer cash, primarily due to privacy concerns and distrust of new technologies.
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