Archives October 2020

Most Americans Against Digital Dollar CBDC, Poll Finds

Who likes to be tracked? The digital currency has set a new level of expectations from people, and that is resulting in the opposition or dissatisfaction on the matter of getting a centralized digital currency bank. Most of the Americans are opposing this particular proposal as found by a study done by Genesis Mining. The study is valuable because it was done with 400 participants, where 50% of the respondents were against this particular step of centralizing the digital currency and confining it into a Bank. One can argue that the no of respondents is less in number and that this survey is not apt, but this survey does reveal that a higher percentage of citizens don’t want a digital dollar!

Already CBDC found opponents of the proposal, it miraculously doubled in 12 months. From 50 to a majority of the respondents now are opposing this particular proposal. Only 13% of the respondents gave their permission. To do the said. There is a tricky belief here; the opposing respondents agree on this particular decision just because they think cryptocurrency is associated with criminal activities. As stated by CBDC, this specific section of the people gave this concept because of their insufficient knowledge about cryptocurrency and how it works. There is a mixed response from American citizens that is generated due to an inadequate understanding of digital currency.

One instance of the particular statement is that Americans have inadequate knowledge about currency and the digital currency or monetary dealing of America. About 38% of the respondents believe that the American currency is being backed up by gold and liquid gold. The other percentage of people doesn’t even know anything about monetary transactions and digital currency. Inflation was spotted as a “critical issue” by 88% of the respondents despite their disinterest in the “monetary policy”.

The outcome of the study by genesis

The study provides concrete proof that most Americans are not aware of the monetary dealings or transaction benefits or system in the US. Hence, genesis thinks this is an excellent opportunity for the American authorities to make fair use of these citizens and make them literate in these processes. How the monetary system works, where the money comes from, where the money goes, how bitcoin works, the benefits of bitcoins, what is a cryptocurrency and why should it become a medium of transaction, how cryptocurrency can elevate the advance the usage of money in the economy to boost it, etc.

One of the most critical decisions in this process is to decide whether the private sector should be included or not included at all. This can have severe consequences and issues while working in the economy. The “Federal Reserve” came to the rescue and stated that private enterprises and banks should be kept out of it and that the state should have full control over it.

A small study in Canada found that citizens are highly in disapproval of the cryptocurrencies and are walking out its issues but are poorly educated about the benefits of cryptocurrencies. The officials and financials think this is due to poor education about finance in the common mass and that this can harm the economic growth in a country!