G+D report shows emerging market consumers ready to use CBDCs

Friday 10 December 2021 11:38 CET | News

G+D and Official Monetary Financial Institutions Forum (OMFIF) has published a report which reveals that central banks need to work with the private sector to ensure widespread availability of CBDC.   

The report includes a survey conducted by Ipsos MORI on behalf of OMFIF and G+D which provides insights into consumers’ attitudes towards a legal digital means of payment. It was conducted in four countries: Germany, Indonesia, Nigeria, and the US with over 3,000 respondents. The intention of the survey was to get an impression on consumer expectations and concerns from developed and emerging countries and what the distinctions were between these economies.

The survey findings reveal a sharp difference in attitudes towards CBDCs between consumers in developed and developing countries. In Nigeria, 91% of respondents say they are likely to use CBDCs, with 60% of consumers saying so in Indonesia. However, these figures fall to just 24% in the US and 14% in Germany. This suggests CBDCs could offer a ‘leapfrog’ moment in payments in emerging markets, where systems are less developed, compared to countries such as the US and Germany, where consumers have many established payment options already.

Awareness of digital currencies is also much higher in emerging markets: more than 40% of consumers in both Nigeria and Indonesia are familiar with the concept of CBDCs, compared to just 15% in the US. 

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Keywords: CBDC, financial institutions, report, banks, central bank
Categories: DeFi & Crypto & Web3
Countries: Germany, Indonesia, Nigeria, United States
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DeFi & Crypto & Web3

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