Emerging market consumers more likely to use CBDCs, OMFIF survey reveals
Central banks need to work with the private sector to ensure widespread availability of central bank digital currencies for consumers and educate them about the potential benefits in terms of speed, security and low cost, a report published by OMFIF and G+D reveals.
The report includes a survey conducted by Ipsos MORI on behalf of OMFIF and G+D which provides an invaluable insight into consumers’ attitudes towards new digital forms of payments, including CBDC, in four countries: Germany, Indonesia, Nigeria and the US.
The survey findings reveal a sharp difference in attitudes towards CBDCs between consumers in developed and developing countries. In Nigeria – where a pilot CBDC project was launched in October – 91% of respondents say they are likely to use CBDCs, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the US and 14% in Germany. This suggests CBDCs could offer a ‘leapfrog’ moment in payments in emerging markets, where systems are less developed, compared to countries such as the US and Germany, where consumers have many established payment options already.
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