Chinese and Indian investment experts strongly endorse CBDC in a new survey

By: Micheal Wilson

Chinese and Indian investment experts strongly endorse CBDC in a new survey

July 27, 2023 12:52 AM

The CFA Institute polled its members all across the world to see how they felt towards CBDCs. Their comments may surprise the cryptocurrency community.

The CFA Institute, the professional body that awards the Chartered Financial Analyst degree, polled its members on their views on central bank digital currency (CBDC), stating that it sought to investigate the demand-side stance on financial technology. 

The poll discovered a wide range of viewpoints that varied according to geography and even the age of respondents. The general reaction was negative. While almost half (47%) of respondents claimed a moderate awareness of CBDCs, and nearly as many (42%) thought central banks should issue electronic versions of traditional currencies (with 24%) having no view, there was a significant gap amongst those in advanced and emerging economies.

In contrast to the 37% majority in favor of developed economies, just 31% of American investment professionals are in favor of a CBDC debut. Support in emerging markets averaged 61%, with India and China both recording support levels of 66% and 70% respectively. Bankers were more supportive than asset managers (38% vs. 50% at commercial banks and 51% at investment banks).


Geographic support for CBDCs. Source: CFA 

The most prevalent reason for supporting CBDCs (58%), was faster payments and transfers. This was followed by the rather ambiguous proposal (30%) that central governments should take a central role in the development of cryptocurrencies.


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Concerns about privacy were highest among those voiced. Following that was a lack of applications (40%). Only 10% of those polled said a CBDC could prove detrimental to banks. A CBDC, according to 46% of respondents, would have little or no influence on financial inclusion. However, there was significant geographical variance in replies, with a clear majority in China (66%) and India (64%) believing a CBDC would increase inclusiveness, while U.S. respondents came in last at 24%.


The distributions of willingness to employ a CBDC were similar. Bankers and individuals under the age of 45 were the most likely to utilize one.

The United States received much more replies than any other country in the study. The institute distributed approximately 94,000 surveys to its members, with a response rate of 5%. Eighty-five percent of those polled were men.

CBDCs are polarizing in the crypto world and politically toxic in the US. The views of investing professionals show a significantly different perspective on the topic.