Survey Reveals Overwhelming Opposition to Government-Controlled CBDC Among US Adults

An extensive majority of US adults oppose the adoption of a central bank digital currency (CBDC), which would give the government the ability to track and influence people’s financial activities, according to a recent survey by the Cato Institute and market research firm YouGov. A CBDC might have both advantages and disadvantages, according to the survey, which received responses from 2,126 US residents between February 27 and March 8 of this year.

Strong Opposition to Government Control over Financial Activities

According to the study, 74% of respondents would object to the creation of a CBDC if it allowed the government to monitor and regulate how people spend their money. This shows that there is a lot of public worry about the potential for privacy invasion and loss of financial independence related to a centralized digital currency.

Furthermore, when asked if they would oppose a CBDC if the government could observe their spending patterns, 68% of participants said no. This shows that there is widespread opposition to the idea of governmental monitoring and meddling in private financial affairs. Further highlighting the emphasis put on the conventional monetary system, 68% of respondents said they would not accept a CBDC if it led to the abolition of actual cash.

Protecting Individual Rights and Privacy

According to survey results, 64% of respondents would oppose passing a CBDC if it gave the Federal Reserve the authority to tax people who practice financial prudence during recessionary periods. This raises an issue regarding potential financial penalties for accountable people during trying economic times.

A CBDC that would let the government to freeze the bank accounts of American demonstrators was also rejected by more than half of the respondents (59%) of the sample. This indicates the value placed on defending individual liberties and the right to take part in nonviolent protests without worrying about facing financial repercussions.

Only 16% of US adults support the idea of a CBDC issued by the government, which contrasts with the majority’s strong disapproval. This could be interpreted as a lack of interest in or confidence in the government’s capacity to successfully administer and execute a system of digital money.