Consumers worldwide are increasingly receptive to the launch of digital currencies by central banks and governments.
This is according to research from European deep tech company Guardtime. The study across 10 countries including major European and Asian economies plus the US and United Arab Emirates found 64 percent of adults would be likely to use a digital currency launched by their country’s central bank and government with 33 percent saying they would be very likely to use one.
Just 10 percent of those questioned said they would never use a Central Bank Digital Currency (CBDC) and the study by Guardtime, which is working with several central banks around the world in exploring the development of digital currencies, found strong support for converting savings into CBDCs and having salaries paid in digital currency.
Around one in three adults would be willing to convert their savings into a CBDC within a month and another 26 percent would do so within one to six months. Just 11 percent say they would never convert savings into a CBDC.
Up to 30 percent would be happy to have their salary paid in a CBDC within a month with another 27 percent following within one to six months. Around 12 percent would never accept being paid in a CBDC.
The launch of a major CBDC may not be that far away - research from the Bank of International Settlements shows 86 percent of central banks are actively researching the potential, 60 percent are experimenting with the technology and 14 percent are deploying pilot projects.
Luukas Ilves, head of strategy, Guardtime said: “People worldwide have embraced rapid digitisation during the Coronavirus crisis and that appears to be reflected in the relative enthusiasm for the launch of digital currencies from Central Banks.
“It is fascinating to see that 64% of people would be willing to use CBDCs – even though they have not been launched yet – and are happy to support and trust Central Banks to ensure digital currencies are delivered.
“The work by Central Banks worldwide on CBDCs has been notable for its speed and coordination and underlines why they are winning the trust of consumers on delivering digital transformation.”