The Estonian blockchain company Guardtime has recently published a survey on consumer attitudes towards a central bank digital currency (CBDC). Across ten countries it found that 64% of consumers would be likely to use a digital currency at launch. Compared to other countries, the U.S. was more reticent, with almost 20% of respondents saying they would never use a CBDC.
Until now, limited research has been conducted globally into whether consumers are ready and enthusiastic for a CBDC, despite a BIS survey finding that 86% of central banks are actively researching the potential for a digital currency. Apart from think tank OMFIF’s early 2020 report that involved IPSOS/Mori questioning more than 13,000 people, Guardtime’s survey is one of the first global consumer studies in this area. PureProfile questioned over 900 people in July 2021.
The survey found a “broad, global willingness to use a digital currency”. Across four use cases, around 70% of people said they would adopt a CBDC within a year, with slightly more enthusiasm for using a CBDC for payment as opposed to switching away from cash savings or accepting a salary in CBDC.
![guardtime cbdc adoption](https://www.ledgerinsights.com/wp-content/uploads/2021/07/guardtime-cbdc-adoption.png)
The survey asked consumers to rank the most important CBDC attributes, the top three being privacy, ease of use and no additional costs. This is fairly consistent with a recent European Central Bank survey that found the top desirable characteristics to be privacy, security and no additional costs. When it came to security, Guardtime asked whether a CBDC needed to be more secure than other digital payments, which only ranked 7th in importance.
It also seems that advanced economies are less enthusiastic about a CBDC than developing countries. This was also borne out by the OMFIF survey, which found greater enthusiasm for digital money in general, including CBDC and private digital currencies.
![omfif digital money approval](https://www.ledgerinsights.com/wp-content/uploads/2021/07/omfif-digital-money-approval.png)
Guardtime is an Estonian technology company that has worked with the Estonian government for many years, including most recently on its CBDC tests for a digital Euro. It also has government contracts internationally. The company is known for its KSI enterprise blockchain, which has been deployed in high profile applications, including Insurwave, a joint venture with EY for international maritime insurance, with Maersk as the first client.