Two thirds of respondents oppose the introduction of the digital dollar
The Cato Institute studied more than 2,000 responses to the proposal of the US Federal Reserve System to comment on the possibility of introducing a digital dollar and concluded that 2/3 of respondents oppose it
After a study of public comments, it was found that more than 66% of respondents express concerns about the digital dollar, including fear of loss of privacy and damage to the American financial system.
"The fact that 2/3 of more than 2,000 commentators oppose the idea of CBDC shows not only that this is not a niche problem, as it was a few years ago, but also awareness of the real risk of losing financial freedom," said analyst Nicholas Anthony.
Supporters of the digital dollar believe that it can benefit national security in a race with foreign competitors, reduce environmental damage from the production of paper money and increase confidence in the monetary system by making it more transparent.
Fed officials, who will be responsible for creating and maintaining the digital dollar, said that the agency will not act without the approval of Congress and the Biden administration. It is predicted that everything may take at least 5 years.
Analysts of the Financial Research Department studied the impact of CBDC on the internal state of finance and concluded that fears of panic in the future, prompting people to quickly transfer assets into digital dollars, may be exaggerated. It was also found that the digital dollar can give the government an early warning system for signs of economic disasters.
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