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Most Britons Won’t Support a Crypto Issued by the Bank of England Says Poll

Almost two thirds of British people would not support a cryptocurrency issued by their central bank, according to a survey. Pollsters also found that the majority of Britons have already heard of bitcoin, however, a third of the respondents admitted they would be more likely to invest in cryptocurrencies if they were regulated.

Brits Want Regulated Cryptos, Not Centralized Coins

The survey has indicated a rising awareness about cryptocurrencies in the United Kingdom. The majority of Brits – 93 percent – now say they have heard of bitcoin, compared to 91 percent in January of this year, and 80 percent in November 2017.

The online poll, conducted by D-CYFOR, also found that Britons wouldn’t trust a government-backed crypto, as reported by the Daily Express. 60 percent of the interviewed said they would not support the Bank of England in introducing its own digital coin.

British people remain cautious and generally pessimistic about the future of cryptocurrencies. More than 60 percent of those surveyed expect a decrease, or even a collapse in the value of bitcoin over the next six months.

The results come in contrast to those from another survey conducted earlier this year. It found that more than half of financial professionals in the UK, who have invested in cryptocurrencies, intend to buy more digital coins this year.

The pollsters also asked participants if they would consider investing in other cryptocurrencies, besides bitcoin. Fourteen percent said they would put money into Bitcoin Cash (BCH), 20 percent would invest in Ethereum, followed by Ripple with 6 percent, and Litecoin at 5 percent.

About a third of the respondents said they would be “more likely” to invest in cryptocurrency if the government in London regulated the crypto sector.

Read more: https://news.bitcoin.com/most-britons-wont-support-a-crypto-issued-by-the-bank-of-england-poll/

That`s why I hate sociology.Asking the crowd about things they don`t know and making everyone think that the opinion of the majority is valid.60% of the people expect a crypto collapse,but if the bullish trend returns,60% of the people will expect a new all time hights.Surveys just don`t prove anything.They good thing is that most of the british people have heard about bitcoin.The bad thing is that they still don`t know what the blockchain is and how it works.

What is so shocking about this? You know, numbers should not scare us any longer because there are no guarantees these numbers are accurate in a way that the people who contributed to such know what they are actually voting for. Gone are the days wherein we base almost all our decisions to what the majority says. It is time that we stand up for what we believe in no matter how scarce the number is in your position.

But just so we get a common ground, I must say that Britons do not want anything that is similar with fiat currency otherwise, why would they gamble with Bitcoin if such can be served well by their traditional fiat currency? There has to be an edge on Bitcoin's end, and not merely be centralized like that of fiat currency.

If anything, the headline itself is quite encouraging.  I wouldn't support a crypto issued by the BoE or any other branch of government.  I don't have any faith in their competency.  Plus, it would undoubtedly be centralised and closed-source.  I would certainly hope the British public wouldn't support that.  Although, the likelihood is those aren't the specific reasons the people questioned aren't supportive of the idea and it's more likely a matter of ignorance.  People only "know" what the media have told them, which isn't anything like an impartial or accurate representation of the facts.  Particularly the Daily Express of all things.  Ugh.

Sounds like they are more skeptical of cryptocurrency than they are of government. The philosophical foundations of cryptocurrency were self-sustenance and freedom from government manipulation.

You're wrong. After participating in such surveys, people who knew nothing about cryptocurrencies will now know. Some of them will be interested in this and may become members of the crypto community. Any news and polls are part of the educational program. But the British love their pound sterling to abandon it. Such surveys should be conducted in countries with unstable currencies.

That's still thriving, and will always give our current crypto currencies the lead over any government issued crypto currency. Freedom also means that people or banks and governments can get their own (centralized) version developed, all based on what they consider to be necessary. In case of governments and banks, they want to remain in full control and still force everyone to abide by their permission based policies. People don't realize it yet, but government issued crypto currencies grant them more control than ever before, where they wouldn't even need the banking system anymore like they do now. I don't think we're far away from a total strip down of banks in general, where most people will be surprised to find out that not Bitcoin is doing it, but governments themselves.

Let me guess, the poll numbers were probably in the 10-20 range and they were the pollsters' mates down the pub.

I doubt the majority of Brits know what a central bank does, let alone what a crypto does. Asking them to choose between the two would probably only get an answer if you bought them a pint. And fed them the answer.

I don't believe with survey results because there are times when they have already chosen the respondents and it is not the view of the general public. Besides that, the reason why there are cryptocurrencies is because it is decentralized. It would mean no one controls it so it is to be expected that a digital currency that would be issued by a bank is just the same as fiat which is controlled. It is just a tokenized version of fiat currency controlled by bank and government. Besides that, many are against XRP already because it is centralized.

I mean who the hell in the crypto world would support a crypto backed up by a Central Bank? There is no difference from stocks or mutual funds so I'm not surprised by the poll (but I doubt we is the actual respondent).

I guess when those respondents hearing central banks, they immediately jump and says "NO" to the interviewer without really understanding the question. And this survey doesn't is completely rubbish to begin with, so I wouldn't put too much weight specially surveys that doesn't shows the overall sentiments of many.