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The results of a new survey by the Chartered Financial Analyst Institute, the acclaimed organization responsible for conferring the Chartered Financial Analyst certification, reveals the perspectives of its members on central bank digital currencies (CBDCs). The survey was initiated in order to capture the opinions and concerns from those on the demand side of this emerging financial technology.
A range of diverse views was exhibited, greatly influenced by the geographical location and the age of the participants. A general lack of enthusiasm characterized the responses. Despite nearly half (47%) indicating a moderate understanding of CBDCs, and 42% voicing support for the launch of digital counterparts to traditional fiat currencies (with 24% abstaining from forming an opinion), stark contrasts were observed between responses from developed and developing nations.
U.S. investment professionals were the least supportive of the CBDC initiative, with only 30% favoring such a launch. This is less than the average support from developed nations which stands at 36%. Conversely, a resounding 60% average support emerged from developing nations, peaking at 65% in India and 69% in China. Among professions, bankers outshone asset managers, with commercial and investment bankers showing 49% and 50% support respectively, versus asset managers' 37% backing.
Interestingly, only a meager 9% perceived CBDCs as potentially harmful to banks. As for the impact on financial inclusivity, 45% foresaw a negligible effect. Regionally, Chinese and Indian respondents, unlike their American counterparts, foresaw CBDCs bolstering financial inclusion. Similarly, a higher inclination to use CBDCs was seen among bankers and respondents below 45 years.
This comprehensive survey collected feedback from the CFA Institute's wide member base, with a 5% response rate from over 94,000 surveyed members. Most respondents were from the U.S., and 85% were male.
