CFA Institute Global Survey on central bank digital currencies (CBDCs) has been released by CFA Institute, a global association of investment professionals. The global survey found greater receptivity to CBDCs among younger respondents, those in the Asia-Pacific region, in developing economies, and especially in India and China.
According to an official release, Indian respondents displayed perception of CBDCs after China. Reportedly, 66% of respondents extended their support for launch of CBDCs, and 70% expressed their willingness to utilise CBDC in their professional or personal transactions if offered by a central bank. However, 76% of respondents from India also believed that CBDC should pay interest. Additionally, in India, there was agreement (59%) with CBDCs aiding central banks in conducting monetary policy to attain macroeconomic goals, which seems to align with emerging markets (52%).
Furthermore, the majority seemed to believe that CBDCs can coexist with private cryptocurrencies. It’s believed that nearly seven out of ten Indian respondents (69%) expressed strong trust in the government. Less than half (42%) of respondents believed that central banks should launch CBDCs, while 34% disagreed and 13% said they had a strong understanding of CBDCs.
“Perhaps the biggest finding from our survey was the difference in attitudes between emerging and developed economies. I believe respondents in emerging markets were more receptive to CBDCs and believed the digital currencies would enhance financial inclusion. Respondents in advanced economies, in contrast, were satisfied with the current financial infrastructure and more sceptical of the need for a CBDC,” Stephen Deane, senior director, Capital Markets Policies, said.