According to a recent survey, one in three British citizens fears that the potential digital pound could do more harm than good to the British economic system. On the contrary, 24% believe that the so-called Britcoin could become a successful financial instrument.
E-pound is more about of a concern than an excitement
The American company Politico conducted a survey of 2,500 British adults to find out their opinion on the release of a digital version of the local pound. Many respondents (30%) said they did not support such an idea. According to them, the British CBDC, also known as Britcoin, would not have a positive impact on the local economy, which is going through difficult times caused by the COVID-19 pandemic and Brexit.
Fear of hackers and cyber attacks was considered the main reason why the British doubted the release of digital pounds, 73% chose this answer. It is worth noting that David Lindberg – CEO of Retail Banking at NatWest – recently warned investors to be wary of dealing with virtual assets in Britain. He went on to say that Britain was a “paradise for fraudsters”.
Given that central bank digital currencies are issued and controlled by the government, it is not surprising that 62% are concerned that the authorities could seize Britcoins directly from people’s digital wallets.
Nevertheless, the e-pound has several supporters, as 24% of respondents believe in its potential. 46% failed to decide and did not give a direct answer as to whether the country would benefit from the CBDC.
Interest in cryptocurrencies in the UK is on the rise
Virtual assets and their management are still a complicated issue in the UK, as the proportion of people who invest in them is significantly lower than in other countries.
However, according to another survey, public awareness increased by 5% over the year, with 78% of the local population hearing about cryptocurrencies in 2021, compared to 73% in 2020.
The number of individuals owning virtual assets has also increased and 2.3 million Britons have some exposure to cryptocurrencies, representing 4.4% of the population. Last year’s data showed that this percentage was 3.9%.
The growing interest in cryptocurrencies in the UK is helped by one more thing – the PayPal platform. This multinational financial technology company has allowed locals to buy BTC, ETH, LTC and BCH for as little as £ 1.