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65% of Americans oppose the digital dollar concept

65% of Americans oppose the digital dollar concept

Most Americans negatively react to the idea of the U.S. authorities issuing a digital dollar. That's the conclusion reached by researchers who polled 2,000 people.

According to the Cato Institute, the majority of Americans disapprove of the U.S. authorities' idea of issuing a digital dollar. About 66 percent of those surveyed fear that a digital version of the U.S. dollar would violate privacy and damage the financial system. More than 20% remained neutral on the digital state currency, and only 12.2% supported the idea.

Fintech companies turned out to be the main supporters of central bank digital currencies (CBDC). The Cato Institute reports that companies show an interest in CBDCs for three reasons:

  • Firstly, companies are interested in government contracts (whether consulting services or technology resources).
  • Secondly, some respondents already hold existing contracts with the Fed and therefore want to protect their investments.
  • The third thing is that the Fed is already shifting from "if" to "when" talks, prompting respondents to secure their future negotiating position.

In general, proponents of the digital dollar believe that such a currency could benefit national security against foreign competitors. Moreover, as lobbyists for the digitalization of the economy believe, a digital currency can reduce the environmental costs of producing paper money.

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