Today, the CFA Institute, the international association of investment professionals, published the results of a global survey exploring the implications of central bank digital currencies (CBDCs) for capital markets and investment practitioners. The report notes vast differences across countries and age groups, pointing to a still lukewarm acceptance of CBDCs in advanced economies and among older individuals. However, It concludes that public opinion remains an empty slate, which might offer governments an opportunity to educate and build public support.
The survey received over 4,000 responses from CFA Institute members from around the world. Forty-two per cent said central bankers should launch CBDCs, compared to 34% who believed they should not. However, willingness to use a CBDC was generally higher in emerging markets (67%) than in advanced economies (43%). The Asia-Pacific region, and individual countries like India and China, exhibited the most favorable views.
Interestingly, only 13% reported having a solid understanding of CBDCs. By contrast, forty per cent said they had little or no knowledge about the subject, with the majority of those respondents under the age of 30. Yet despite limited understanding, younger people are the most likely to use CBDCs in the future. More than half of individuals below 44 years old are open to the idea, but it drops sharply thereafter.
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