Most Americans are against a digital dollar CBDC, a survey shows

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A new study by the crypto mining company Genesis Mining suggests that the majority of US citizens are against the introduction of a central bank digital currency. A survey conducted by Genesis Mining found that less than 25% of 400 respondents approved of 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 those polled were on demand for a digital dollar in 2019.

While more than 85% of survey respondents were familiar with crypto assets, many associate virtual currencies with criminal activity, which likely contributes to the low popular support for CBDC.

The poll was released the same week that Cleveland Federal Reserve President Loretta Mester revealed that the Fed conducted extensive research into the risks and benefits of CBDC during the COVID-19 pandemic.

The report also points to a low level of public literacy in money. 38% of respondents believe the US dollar is backed by gold, bonds, or oil, while another 13% simply 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 was positively associated with cryptocurrency awareness but negatively with property. The report found that respondents with high financial literacy are only half as likely to own cryptocurrencies as the general public.

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