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Cash is Still King, Consumers Would Prefer to Use Money Over CBDCs: Deutsche Bank

Author: Content Editor
Consumers are hesitant to use central bank digital currencies (CBDCs) despite the fact that a majority of central banks are exploring their use, according to a survey by Deutsche Bank. The COVID-19 pandemic has accelerated the shift towards digital payments, but only 16% of respondents believed CBDCs would become mainstream. The survey also revealed that consumers preferred to use debit or credit cards over CBDCs, and 44% would rather use cash. Privacy concerns and a preference for anonymity were also factors in consumer reluctance. Deutsche Bank noted that central banks are increasingly focusing on CBDCs for wholesale applications.

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