In a survey conducted by Redfield & Wilton Strategies, it revealed that a lot of the British adult population are concerned and wary about the Bank of England’s digital pound.
Even with the creation of the UK’s central bank digital currency, which is in line with other countries’ initiatives to launch their own digital currencies, it appears that most adult Britons are pessimistic about the country’s virtual fiat.
The survey, which involved 2,500 British adults, showed that they have doubts about the social benefits of UK’s CBDC, which is dubbed as “Britcoin.”
Around 30% of the participants believe that the digital pound can be harmful, 24% expressed their optimism, while the remaining 46% are undecided whether to trust the CBDC.
Legitimate concerns
In a more detailed analysis done by Redfield & Wilton Strategies about the concerns surrounding the digital pound, it was able to dig deeper about the citizens’ concerns about the Britcoin.
In the survey, it revealed that 73% are concerned about hacks and cyber attacks, 70% about privacy, 62% about the government’s unethical fund seizing, and 45% about the negative environmental impact.
The United Kingdom’s CBDC has not yet been rolled out throughout the country, as it needs public approval first and must prove its viability. Once these two major challenges have been overcome by the digital pound, then the government can proceed with its nationwide implementation of the CBDC.
UK not left behind in CBDC
As early as two years ago, the United Kingdom has been looking into the potential of CBDC and finally, in April, Her Majesty’s Treasury and the Bank of England have collaborated to create a digital pound.
Their collaboration has resulted in the formation of a preliminary task force whose first goal was to design, implement, and operate the country’s first-ever digital currency.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/britons-concerned-about-uks-digital-pound-survey-says/
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