CBDC: Growing opposition from Canadians and Brits

While central bank digital currencies, known by the acronym CBDC, seem to be taking hold as a revolution in the global financial landscape, their adoption is not unanimous among people. Indeed, India and Brazil, which have made significant strides in this area, are planning to launch their CBDCs in the coming year. However, far from this enthusiasm of governments, part of the public seems to adopt a more skeptical position. Recently, two surveys have highlighted strong concerns and reservations among Canadians and Britons about these new digital currencies.

CBDC: Canadians’ skepticism

Recently, US lawmakers have declared their opposition to the adoption of CBDCs, presenting these central bank digital currencies as a threat to the freedom of Americans. Their concerns would also be shared in Canada and the United Kingdom. Two surveys published last week revealed that Canadians and the British have reservations about CBDCs and are against their adoption.

The first survey was carried out by the manufacturer of hardware wallets Trezor and the second, by the financial information site WealthRocket. Of 1,500 Canadians surveyed, 25% rejected the idea of ​​using CBDCs for payments. The main reasons mentioned by them are: the risk of cyberattacks, potential fraud and the risk of seeing cash gradually disappear.

These concerns are also shared by Canadian politicians. Last April, conservative Pierre Poilievre told Reuters that the CBDC would be banned if he ever became prime minister.

A reluctance shared across the Channel

Despite Prime Minister Rishi Sunak’s desire to see the United Kingdom have its CBDC, some Britons would not be enthusiastic about this digital currency. The survey carried out by Trezor reveals that many Britons are wary of the functionalities that a CBDC could have, even if they know very little or nothing about this central bank digital currency.

73% of respondents are concerned about giving authorities control over their funds. The potential expiration of CBDCs when funds are not spent worries 67% of Britons surveyed. Josef Tetek, an analyst at hardware wallet company Trezor, points to a big difference between Britcoin’s knowledge of Britcoin and the currency’s potential impact on them.

He says, “It’s clear that the vast majority of people aren’t comfortable with financial authorities having the kind of powers a CBDC might grant them.” The analyst continues: “Before the UK goes too far down the road of deployment, we need a thorough, society-wide debate with ordinary people.”

While some governments consider central bank digital currencies to be revolutionary currencies, they are not yet unanimous. Recently, US Democratic presidential candidate Robert Kennedy singled out the CBDC as an instrument of oppression.