May 31, 2023 9:56AM # New Poll: Only 16% of Americans Support the U.S. Adopting a Central Bank Digital Currency, 68% Would Oppose if Gov’t Could See What You Buy By [Emily Ekins](https://www.cato.org/people/emily-ekins) and Jordan Gygi --- SHARE **Washington, D.C**.– Only 16% of Americans support the U.S. government adopting a Central Bank Digital Currency or “CBDC,” according to the [**new Cato Institute 2023 CBDC National Survey Report**.](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=xMsBqVIyxrCvcT_616tuU3kOKPBWjLlVDb251qmqZcE#78-americans-say-they-are-unlikely-use-cbdc) The national survey of 2,000 Americans conducted by YouGov found that twice as many Americans—34%—oppose adopting a CBDC, while 49% don’t yet have an opinion. Nevertheless, the survey finds that Americans are more concerned about a CBDC’s risks than they are enthusiastic about its benefits. ![PressR_3Fig_Support for CBDC Groups](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/93438b37-9fae-4b13-bf2b-ac1f63524f98.jpg) The poll was conducted as [officials at the Federal Reserve, the United States’ central bank, are considering whether the U.S. should adopt a central bank digital currency](https://www.federalreserve.gov/newsevents/speech/bowman20230418a.htm). While Americans regularly use digital dollars via credit cards, debit cards, etc, those dollars are a liability of the private commercial bank that issues them, like Bank of America or Wells Fargo. Conversely, a CBDC would be a liability of the government’s Federal Reserve, rather than a private bank. Thus, a CBDC would create a direct link between citizens and the government’s central bank. ![PressR_4Fig_Negative Tradeoffs, Oppose 20230410_Emily_Ekins_Negative tradeoffs](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/d016cb5e-a20e-4dc8-8c1f-5a33c9d06815.jpg) [When Americans learn of the potential benefits and risks of a CBDC](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#68-americans-would-oppose-cbdc-government-could-monitor-what-people-buy) they express stronger opinions about whether the U.S. should adopt one. Strong majorities of Americans would oppose adopting a CBDC if it meant that the government could control what people spend their money on (74%), that the government could monitor their spending (68%), that a CBDC would lead to the abolishment of all U.S. cash (68%), that a CBDC would attract cyberattacks (65%), that the government could charge a tax on those who don’t spend money during recessions (64%), or that the government could freeze the digital bank accounts of political protesters (59%). Americans were marginally opposed (52%) if a CBDC would cause some people to stop using private banks, resulting in some banks going out of business. [Americans express tepid support for a CBDC’s potential advantages](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#cbdcs-most-broadly-appealing-feature-reducing-financial-crime). A plurality would support one if it reduced the risk of money laundering and fraud (42%) or if it meant that the government could ensure welfare payments were spent on their intended purpose (40%). Americans are about evenly supportive or opposed if a CBDC made instantaneous financial transactions possible (27% favor), made it easier for people without bank accounts to gain equitable access to the banking system (33% favor), or helped the Federal Reserve combat economic recessions (32% favor). In nearly each of these scenarios, about a quarter to a third of Americans still don’t have an opinion about a CBDC. ![PressR_5Fig_Positive Tradeoffs - 3 Categories](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/efbdc369-f8e4-4744-ba31-5454670cd2a0.jpg) [Both Republicans and Democrats are wary of CBDCs](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#both-democrats-republicans-fear-government-turning-their-money), but opposition is greater among Republicans. Before any benefits or costs are mentioned, a majority (53%) of Republicans oppose the government issuing a CBDC. On the other hand, a majority of Democrats (56%) are undecided and 22% oppose. Few Republicans (11%) and Democrats (22%) support adopting a CBDC. Additionally, strong majorities of both Democrats (71%) and Republicans (82%) would oppose a CBDC if the government could control what people spend their money on and when. Majorities of Democrats (61%) and Republicans (82%) would also oppose if the government could see what people buy with the digital currency. [Most Americans are more concerned about CBDC’s potential risks than enthusiastic about the benefits when considered together](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#76-americans-are-more-concerned-about-cbdcs-potential-risks-potential-benefits): 76% of Americans say the “government should not issue a central bank digital currency because it would potentially allow the government to monitor what people buy and potentially control how they spend their money.” About a quarter (24%) say that the “government should issue a central bank digital currency because it would reduce financial crime and other illegal activity and would increase access to the financial system.” ![PressR_7Fig_CBDCTradeoff](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/5bb3d5af-cd0e-4896-925d-6392949eaaec.jpg) ![PressR_2But_Satisfied with Bank Button 2023_Emily Ekins_Satisfied with bank button](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/01488000-5592-4d18-afaa-fe8dfa8d56f8.jpg) [Nearly 8 in 10 Americans (78%) say they would not use a CBDC if one were offered](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#78-americans-say-they-are-unlikely-use-cbdc), while 22% say they would. Some are more inclined to use a CBDC than others. Democrats (29%), Black Americans (39%), men (28%), and Americans under 35 (40%) were more likely than Republicans (16%), Hispanic (26%) or White Americans (18%), women (17%), and Americans over 55 (8%) to say they would use a CBDC. [Americans are satisfied with their own bank](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#8-10-americans-trust-private-banks-more-government) (89%) and trust private banks more than the government to “handle \[their\] money appropriately” (79%). Further, 85% of Americans would prefer to keep their money with a private bank rather than in an account operated by the Federal Reserve (15%). [The survey also found that a CBDC is about as popular as 1984-style in-home government surveillance cameras](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=6aZ8djbslxSndG0DjZMmbUYgCJLRxYSdCn2wZibWmzA#cbdcs-are-about-popular-home-government-surveillance-cameras). Only 14% of Americans support the government installing surveillance cameras in every household “to reduce domestic violence, abuse, and other illegal activity.” But strikingly–a majority (53%) of Americans who support a CBDC also support the government installing in-home surveillance cameras to reduce abuse and other illegal activity. This suggests that some of the psychology behind support for a CBDC springs from an above average comfort level with trading some personal autonomy and privacy for societal order and security. *The topline questionnaire, full methodology, and report of the survey findings can be found* [***here***](https://www.cato.org/survey-reports/poll-only-16-americans-support-government-issuing-central-bank-digital-currency?au_hash=xMsBqVIyxrCvcT_616tuU3kOKPBWjLlVDb251qmqZcE)*. If you would like to speak to Dr. Ekins on the poll’s results, please contact* ***[pr@​cato.​org](mailto:pr@cato.org)*** *or 202–789-5200.* ##### Related Tags [Economics](https://www.cato.org/economics), [Banking and Finance](https://www.cato.org/banking-finance), [Monetary Policy](https://www.cato.org/monetary-policy), [Public Opinion](https://www.cato.org/public-opinion), [Center for Monetary and Financial Alternatives](https://www.cato.org/center-monetary-financial-alternatives) [![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/).