Do people actually want CBDC?

[cozytrade]

From what I have seen, not a lot of people want to use CBDC because it's government backed and government made. And to be fair, I have no clue where anyone is from here, but I bet you that you dislike your government. Even if the person who you voted for gets elected, you still dislike the government, that's just the thing about people. So that means, if government does something then you are not going to use it, and you will end up with avoiding it as much as you could.

This means that if CBDC is made by lets say USA government, then we are not going to use it because we dislike them. And at the same time, if they do make it, they are going to find ways to make sure other competition like USDT and USDC is gone too.

I understand what you mean although government in itself is not the problem but the corrupt politicians that occupies government structures and since we know what they are capable of we hardly trust anything that they have a total control to monitor us. Years back CBDC was hyped in Nigeria, and our central bank made a lot of noise about it but the hype died down eventually because a lot of Nigerians didn't key into it for various reasons. Today we have moved on from CBDC era and I know that it has a lot to do with the lack of trust that we have of the government. But since cryptocurrency became popular in the country the adoption has been massive without any government endorsement, it shows that people cannot be deceived to accept what they don't want.

Trust is the clear main hurdle for the CBDC to be adopted I agree. The majority of people already have digital banking services and don't see much need to adopt a government-controlled digital currency particularly in light of privacy concerns. The Nigerian case demonstrates that to create adoption. The public needs to be receptive to the promotion. At the same time cryptocurrencies have become popular because individuals decided to employ them rather than being compelled to. Ultimately individuals are more inclined to view financial systems as supportive when they are perceived as transparent, free and useful, than when they are seen as likely to be subject to more control

[Kelward]

From what I have seen, not a lot of people want to use CBDC because it's government backed and government made. And to be fair, I have no clue where anyone is from here, but I bet you that you dislike your government. Even if the person who you voted for gets elected, you still dislike the government, that's just the thing about people. So that means, if government does something then you are not going to use it, and you will end up with avoiding it as much as you could.

This means that if CBDC is made by lets say USA government, then we are not going to use it because we dislike them. And at the same time, if they do make it, they are going to find ways to make sure other competition like USDT and USDC is gone too.

I understand what you mean although government in itself is not the problem but the corrupt politicians that occupies government structures and since we know what they are capable of we hardly trust anything that they have a total control to monitor us. Years back CBDC was hyped in Nigeria, and our central bank made a lot of noise about it but the hype died down eventually because a lot of Nigerians didn't key into it for various reasons. Today we have moved on from CBDC era and I know that it has a lot to do with the lack of trust that we have of the government. But since cryptocurrency became popular in the country the adoption has been massive without any government endorsement, it shows that people cannot be deceived to accept what they don't want.

Trust is the clear main hurdle for the CBDC to be adopted I agree. The majority of people already have digital banking services and don't see much need to adopt a government-controlled digital currency particularly in light of privacy concerns. The Nigerian case demonstrates that to create adoption. The public needs to be receptive to the promotion. At the same time cryptocurrencies have become popular because individuals decided to employ them rather than being compelled to. Ultimately individuals are more inclined to view financial systems as supportive when they are perceived as transparent, free and useful, than when they are seen as likely to be subject to more control

CBDC would have seen the light of day in many countries despite the fact that it is fully government controlled and monitored if there were no online banking, we would have been compelled to key into it for easy transactions instead of relying on physical cash for payments. But digital banking have made CBDC to go under in my country and I believe that is the reason in many other countries were it was implemented, so as much as we have a better option which is online banking CBDC cannot be a preference for various reasons. Cryptocurrency is a true alternative to fiat where people out of their free will holds them and they get value for doing so that is if it is a valuable digital currency like Bitcoin and a few top altcoins.