While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products.<\/p>\n
The survey, conducted by Deutsche Bank, Germany\u2019s leading investment bank, polled<\/a> 4,850 respondents from Europe<\/a>, the United Kingdom, and the United States. A majority of the respondents stated that they prefer conventional payment methods like cash and debit or credit cards.<\/p>\n According to the study, 59% of the respondents believe cash will always be useful, with 44% stating that they would prefer using cash for payments rather than CBDCs. Only a small percentage of respondents, 16%, expect CBDCs to become mainstream payment options.<\/p>\n Deutsche Bank analysts, Marion Laboure and Sai Ravindran, noted in the report, \u201cWhile 59% of consumers believe that cash will always be relevant, the COVID-19 pandemic accelerated the shift toward digital payments, particularly among Gen Z.\u201d<\/p>\n Although most of the respondents were hesitant about using a CBDC, about 31% said they would rather use a cryptocurrency managed by the government than one backed by private institutions.<\/p>\n The survey further revealed that privacy concerns significantly affect the adoption of CBDCs. Most of the participants, especially in the U.S., believe that general cryptocurrencies offer better privacy than government-backed digital currencies. About 21% of the respondents said they preferred a private cryptocurrency like Bitcoin.<\/p>\n On the other hand, most European respondents showed stronger preference for cash, due to the anonymity it offers, than those in the U.S. and the U.K.<\/p>\n Per the survey, central banks are increasing exploring wholesale CBDC use cases, however, user skepticism remains a major issue affecting mainstream adoption. A report by the Bank of Canada revealed<\/a> that 86% of Canadians are opposed to CBDCs, with a whopping 92% preferring cash over a digital Canadian dollar (CAD).<\/p>\n The post Consumers Prefer Cash Over CBDC: Deutsche Bank Survey\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products. The survey, conducted by Deutsche Bank, Germany\u2019s leading investment […]<\/p>\n","protected":false},"author":0,"featured_media":8669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8668"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8668"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8669"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Cash Reigns Supreme<\/h2>\n
Privacy Concerns Remain<\/h2>\n