{"id":8532,"date":"2021-08-24T15:45:06","date_gmt":"2021-08-24T14:45:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8532"},"modified":"2021-08-24T15:45:17","modified_gmt":"2021-08-24T14:45:17","slug":"poll-shows-british-citizens-have-reservations-about-a-cbdc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/poll-shows-british-citizens-have-reservations-about-a-cbdc\/","title":{"rendered":"Poll shows British citizens have reservations about a CBDC"},"content":{"rendered":"\n
According to the findings of a recent poll conducted on behalf of Politico by Redfield & Wilton Str<\/a>ategies, a majority of British adults are concerned about a central bank digital currency (CBDC) produced by the Bank of England (BOE).<\/h5>\n\n\n\n
\"Poll<\/figure>\n\n\n\n

The 2,500 British citizens polled in early August voiced reservations and worries about the underlying societal benefits of the Bank of England issuing a CBDC.<\/p>\n\n\n\n

According to the findings, 30% of participants believe that a “Britcoin” CBDC is “more likely to be damaging\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> than useful to the UK,” while 24% believe it may be beneficial, and 46% are undecided.<\/p>\n\n\n\n

A more detailed examination of participants' specific concerns about a digital currency revealed that 73% would be “concerned about the threat of hacks and cyberattacks, 70% about users' privacy, 62 percent about the government's ability to seize their money, and 45 percent about the environmental impact.”<\/p>\n\n\n\n

If this project succeeds in overcoming the barriers to public acceptance and is deployed across the country, it will be the first time a digital currency has been issued by a central bank in the UK.<\/p>\n\n\n\n

The UK's move for a CBDC<\/h2>\n\n\n\n

For the past few years, the United Kingdom has been researching the concept of a CBDC. Her Majesty's Treasury and the Bank of England teamed up in April to form a preliminary task group<\/a> to better understand the CBDC's “design, implementation, and operation” problems.<\/p>\n\n\n\n

Tom Mutton, the BOE's head of fintech, is leading the drive toward a CBDC future, recently sharing his thoughts on the benefits of adoption, which range from “competition and diversity in payments to potential to promote financial inclusion and ensure privacy.”<\/p>\n\n\n\n

Chancellor of the Exchequer Rishi Sunak stated in June that a \u201csweeping set of financial services reforms\u201d will be implemented over the following three years, with a CBDC at the top of the priority list.<\/p>\n\n\n\n

Respondents \u2014 which included internet and fintech firms<\/a>, private persons, payment firms, and others \u2014 identified four significant themes in response to the Bank of England's 2020 discussion paper on the likelihood of a CBDC.<\/p>\n\n\n\n

These were: the need for a CBDC's “use case” to be further developed and articulated; the need for CBDC to support financial inclusion and protect privacy; the BOE's design principles are comprehensive but difficult to implement; and functional capabilities, including offline payments, were considered crucial.<\/p>\n\n\n\n

Mutton concluded from the discussion paper that there was a \u201cnear-unanimous agreement that the pros and drawbacks needed to be investigated in-depth, that broad engagement<\/a> was required as the information was gathered, and that open dialogue was necessary before reaching any conclusions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the findings of a recent poll conducted on behalf of Politico by Redfield & Wilton Strategies, a majority of British adults are concerned about a central bank digital currency (CBDC) produced by the Bank of England (BOE). The 2,500 British citizens polled in early August voiced reservations and worries about the underlying societal […]<\/p>\n","protected":false},"author":12,"featured_media":8535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[3989,773,3990],"class_list":["post-8532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-british-citizens","tag-cbdc","tag-poll"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Poll-shows-British-citizens-have-reservations-about-a-CBDC-scaled.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8532"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8535"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}