A new study by the mining company Genesis Mining suggests this Most United States citizens are against having one Central bank digital currency. A survey by Genesis Mining found that out of the 400 participants Less than 25% agreed with the proposal that the government should ditch paper money in favor of a digital dollar, while more than half opposed it.
However, The number of CBDC advocates has almost doubled in 12 months;; Only 13% of respondents were in favor of a digital dollar when asked in 2019.
While more than 85% of respondents were familiar with crypto assets, Many associate virtual currencies with criminal activity, which likely contributes to the low popular support for CBDCs.
The poll was released the same week that Cleveland Federal Reserve chairman Loretta Mester revealed it The Federal Reserve conducted extensive research into the risks and benefits of CBDCs during the COVID-19 pandemic.
The report also found poor public awareness of money 38% of respondents believed the US dollar was backed by gold, bonds, or oil, while another 13% just don’t know. Despite the lack of interest in monetary policy Inflation was identified as a critical issue by 88% of respondents.
In August, the Bank of Canada published a study that found that financial literacy is positively related to cryptocurrency awareness, but negatively to property.. The report found that respondents with financial literacy were half as likely to own cryptocurrencies as the general public.
Don’t stop reading: