In emerging markets, there is a significantly increased level of support for CBDCs. For instance, 61 percent of inhabitants in the country of Columbia want their government to launch a national digital currency.

In addition, only 66% of people in India wish to obtain a CBDC and support a project of this kind. Despite this, Japan has the fewest citizens who support the ownership of a CBDC, with only 3% of the population supporting such an innovation.

Because many people in developing nations have limited access to traditional banking services, there is more support for CBDCs in developing countries than there is in affluent countries. As a result, the majority of them view digital currency issued by central banks as a tool for promoting greater financial inclusion, which poses a risk to financial stability.

In the meantime, the majority of people who took part in the study in both developed and developing nations are in agreement that private cryptocurrencies like Ethereum and Bitcoin (BTC) would pose a danger to the stability of the financial system.

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Only 15% of participants hailing from Australia are certain that cryptocurrencies have the potential to strengthen financial stability rather than weaken it. Additionally, almost half of India's participants have a positive attitude on the use of private cryptocurrencies.

The CBDC Pilot Program in Australia Will Be Finished Early Next Year

Despite the fact that one in four Australians are in favor of the creation of a national digital currency, the Reserve Bank of Australia (RBA) is wrapping up its CBDC trial. It anticipates having it finished by the middle of the year 2023 at the latest.

The primary objective of the pilot project is to "evaluate novel use cases" that may be supported by the creation of a national digital currency.

A white paper was also published by the bank in an effort to pass new rules and regulations. According to the information that was provided in the white paper, the project was also investigating the regulatory aspects that were associated with a CBDC.

On the other hand, the white paper did not reveal any financial commitment on the part of the Reserve Bank of Australia to the issuance of a national digital currency. It only solicits voluntary contributions from industry participants for the purpose of continuing research.