Some people like CBDCs – but not all that many.
The CFA Institute, the professional association that provides Chartered Financial Analyst credentialing, surveyed its members on their perceptions of central bank digital currency , saying it wanted to examine the demand-side outlook on the financial technology.
The survey found a wide array of opinions that depended on the location and even the age of the respondents. The response was generally unenthusiastic. Although 47% of respondents said they had a moderate understanding of CBDCs and 42% said they believed that central banks should launch digital versions of fiat currencies , there was a wide divergence between those in developed and emerging markets.
Investment professionals in the United States showed the least support for a CBDC launch, at 31%, compared with 37% in favor in developed markets overall. In emerging markets, support averaged 61%, with support reaching 66% in India and 70% in China. Bankers showed more support than asset managers .The most common reason for supporting CBDCs was accelerated payments and transfers .
Privacy was the most common objection . That was followed by a lack of use case . Only 10% of respondents thought a CBDC would be harmful to banks. Forty-six percent of respondents overall thought a CBDC would have little or no impact on financial inclusion. However, the regional variation in responses was pronounced, as a clear majority in China and India thought a CBDC would improve inclusion, with U.S. respondents coming in lowest at 24%.Willingness to use a CBDC showed similar distributions.
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