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<p class="is-style-lead">A national survey conducted by the Cato Institute results reveal a significant lack of public familiarity with and support for s CBDC.</p>



<p>In a survey from the Cato Institute, results revealed insights about American citizens&#8217; familiarity with, and attitudes towards, financial products and institutions, including a proposed <a href="https://crypto.news/exploring-the-future-of-cbdcs-insights-from-money2020/" data-type="URL" data-id="https://crypto.news/exploring-the-future-of-cbdcs-insights-from-money2020/">CBDC</a>. The poll surveyed 2,000 individuals, with a margin of error of +/- 2.54%.</p>



<p>Firstly, the <a href="https://www.cato.org/sites/cato.org/files/2023-05/cato-cbdc-survey-toplines.pdf" target="_blank" data-type="URL" data-id="https://www.cato.org/sites/cato.org/files/2023-05/cato-cbdc-survey-toplines.pdf" rel="noreferrer noopener">survey</a> asked about the financial products owned or used by respondents in the past year. Checking accounts proved most popular, used by 83% of those surveyed. This was followed by debit cards at 74%, savings accounts at 70%, and credit cards at 68%. </p>



<p>More complex financial products such as retirement accounts, stocks, bonds, and mutual funds, had usage rates between 9% to 25%. Digital currencies, like <a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="URL" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">bitcoin</a>, were used by a mere 7%.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The Cato Institute 2023 CBDC National Survey finds that 76% of Americans oppose the adoption of a CBDC because it would potentially allow the government to monitor what people buy and potentially control how they spend their money.<br> <a href="https://t.co/bTB0qbAhZW" target="_blank">https://t.co/bTB0qbAhZW</a> <a href="https://twitter.com/hashtag/CatoPolls?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CatoPolls</a> <a href="https://t.co/AnNxnsPbss" target="_blank">pic.twitter.com/AnNxnsPbss</a></p>&mdash; Cato Institute (@CatoInstitute) <a href="https://twitter.com/CatoInstitute/status/1666967372534562829?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 9, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Interestingly, the vast majority of respondents (89%) expressed satisfaction with their banking experience. Among them, 53% were &#8220;very satisfied,&#8221; while 37% were &#8220;somewhat satisfied&#8221;. Only a small fraction of respondents (7%) were unsatisfied, and 4% did not have a bank.</p>



<p>Familiarity with the Federal Reserve, the <a href="https://crypto.news/central-banks-fear-cbdc-risks-cant-keep-up-with-fintech-regulation/" data-type="URL" data-id="https://crypto.news/central-banks-fear-cbdc-risks-cant-keep-up-with-fintech-regulation/">central bank</a> of the United States, was found to be relatively high, with 69% of those polled indicating some level of awareness. </p>



<p>However, when asked to express their opinion of the Federal Reserve, only 40% had a favorable view compared to 25% with an unfavorable view. Notably, a sizable 35% did not offer an opinion.</p>




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<p>The most revealing aspect of the survey pertains to the proposed introduction of a CBDC by the Federal Reserve. Despite the rising popularity of digital currencies, awareness of CBDCs remains relatively low. Only 28% of those surveyed indicated familiarity with CBDCs, with a 72% claiming no familiarity. </p>



<p>Furthermore, the survey uncovered a degree of skepticism towards the <a href="https://crypto.news/banks-and-digital-asset-firms-to-coexist-in-third-wave-of-crypto-adoption/" data-type="URL" data-id="https://crypto.news/banks-and-digital-asset-firms-to-coexist-in-third-wave-of-crypto-adoption/">adoption</a> of a CBDC. Only 16% expressed support for the proposal, contrasted by 34% who opposed it. </p>



<p>Notably, almost half of the respondents (49%) neither supported nor opposed the proposal, or simply did not know, suggesting a significant lack of knowledge or a state of ambivalence regarding this potential sea change in the financial landscape.</p>



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<iframe loading="lazy" title="Is a Digital Dollar Coming? Some Financial Experts Warn It Could be Instrument of Government Control" width="1020" height="574" src="https://www.youtube.com/embed/2rSA-zAiaP4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>In conclusion, while Americans show high levels of satisfaction with traditional banking services, and a fair degree of familiarity with the Federal Reserve, they also display a surprising lack of awareness and support for the proposed CBDC. </p>



<p>As discussions about the future of <a href="https://crypto.news/market-cap/" data-type="URL" data-id="https://crypto.news/market-cap/">digital currencies</a> and their potential impact on the economy continue, these findings underscore the importance of public education and engagement in financial innovation and policy discussions.</p>




    <p>
        Read more:

        <a href="https://crypto.news/bis-reveals-cbdc-handbook-for-fintech-development/">
            BIS reveals CBDC handbook for fintech development        </a>
    </p>

Cato Institute survey reveals low US public awareness of CBDCs

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