Redfield & Wilton Strategies Survey Suggests Brits Are Wary of the Prospect of a Digital Pound
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Redfield & Wilton Strategies Surveyed British Adults on Digital Pound
Back in the month of August, Redfield & Wilton strategies surveyed 2,500 British adults on the prospect of the Digital Pound and expressed concerns and doubts on the inherent social societal benefits of the issuance of a CBDC by the Bank of England.
In accordance with the data released, 30% of participants believe that a “Britcoin” CBDC is more likely to be harmful than beneficial to the United Kingdom with 24% believing that it could be beneficial, while the remaining participants at 46% were undecided.
Moreover, it should be noted that a deeper analysis of the particular concerns regarding a digital currency revealed that:
“73% of participants would be concerned about the threat of hacks and cyberattacks, 70% about users’ privacy, 62% about the government being able to seize their money, and 45% about the environmental impact.”
Fintech Firms Responded to Bank of England’s 2020 Discussion Paper
In response to the 2020 discussion paper of the Bank of England on the prospect of a Central Bank Digital Currency, fintech firms and tech firms along with private individuals, payment companies, and more identified four key themes.
These were that the use case for a CBDC needs to be further developed and better hinged; the requirement for CBDC to support financial inclusion and protect privacy; the design principles of the BOE are comprehensive, but challenging to deliver; and functional capabilities were considered to be crucial, including offline payments.
The conclusion of this discussion paper said:
“There was near universal agreement that the pros and cons needed to be studied in-depth, broad engagement was needed as the evidence was assembled, and open consultation essential before reaching any conclusions.”
