Fran Boait, executive director of Positive Money, has welcomed an OMFIF/Ipsos MORI survey published today which found that central banks are more trusted to issue digital currencies than payments service providers, commercial banks, credit card companies and major technology companies.
“It is clear that the public would prefer to use currencies issued by central banks rather than private institutions, with tech companies garnering the least trust.
“With the decline of physical notes and coins, we risk handing complete control over the issuance and management of our money to a small group of banks, payment companies and now tech giants. Central banks have a duty to issue a digital version of cash in the form of a central bank digital currency, which would provide a trusted public alternative to currencies issued and controlled by unaccountable private interests like Facebook.
“Unless policymakers act quickly to introduce public digital currencies, we will see the future of our money and payment systems surrendered to untrusted global corporations.”
Further details of the polling are contained in OMFIF’s latest report ‘Digital Currencies: A question of trust’. Results showing that central banks are most trusted for digital money issuance can be found on page 19.
Central banks across the world are developing plans to issue their own digital currencies. The case for central bank digital currencies (CBDCs) was pioneered in Positive Money’s 2016 report ‘Digital Cash: Why central banks should start issuing electronic money’. Positive Money will be publishing further research on CBDCs later this year.
Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org
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