Over 6,000 Aussies have completed the CashWelcome survey about the Reserve Bank of Australia's trial of a central bank digital currency - an online $A. And the results so far speak for themselves: People don't see the need for a central bank digital currency in Australia (what exactly is the problem that is being solved by this?) and are concerned that this could replace physical notes and coins.
62 per cent of survey respondents said they were not even aware of the RBA's plans for an online dollar. Here is a link to the RBA's announcement.
The survey takes just two minutes to complete. please click through and have your say about the future of our money.
So far, highlights include:
- 95% or people taking the survey DON'T think Australia needs a digital dollar.
- 99.66% want to retain physical notes and coins.
- 95% are worried that cash will become harder to access and use.
- 79% say cash is harder to access because of bank branch and ATM closures.
- 99.5% want a government guarantee that cash will be retained.
This link takes you to the complete survey results so far.
Some comments from people who have completed the survey:
" Why is this needed? We already have EFTPOS and VISA. What could this possibly gain?"
"I believe physical notes are necessary and important and need to stay in use"
" I am concerned that physical cash is being phased out and I do not want this to happen."
" The reason of "I think we just don't want to be left behind" is not a reason to implement this. My concern is power and control, no one should be able to control peoples money, which I believe this would be used for. There are already examples of people having bank accounts made inaccessible, which is totally unethical, the proposed CBDC would make this much easier."
"I am concerned that cash will become unavailable as a result. Cashless is going to wipe out things like school stalls, markets, kids enjoyment of pocket money etc.. Cashless also tracks peoples spending which leaves nobody any privacy or control over their own money anymore. There would be too much room for errors and problems arising when everything is digital as there are power outages, software issues etc...Some people may not want to or have the means to or the ability do manage everything financial on line."
"It's not necessary! We need physical cash money as many places still uses cash. We need to have access to cash as UTs our money and in our control!"
"Cash gives people a safety and feeling of security. It is essential to have a physical presence of cash to maintain balance in the community and people should always be give a choice in their lives as to how they use their hard earned dollars. People consider all aspects of this before once again taking peoples choices away"
"This seriously will influence the livelihood of small business. I am also concerned it's the introduction of a social credit system where more and more things are tracked of the Australian individuals. The killing of pocket money for kids from grandparents gifts, bday parties of littlest, no coin for the old traditions of tooth fairy and the like. How will kids from a young age be able to learn to spend within their means ? No cash transaction for small businesses will mean greater taxable income, it will be the death of small businesses in my eyes."
"I am opposed to the central bank digital currency S it is clearly designed to replace cash. I travel a reasonable amount, and there have been times where internet is not available, meaning atm cards won't work. If the power goes down for an extended period of time as load sharing of power has already been mentioned, will mean blackouts. It makes it easier for an individual or an corporate organisation to manipulate, freeze or remove funds from an individual, or an organisation's accounts without the ability for challenge."
" I think a digital currency s needed to be up to date with other forms of digital currencies eg but coin etc , but cash should never be replaced!!! We always need cash as it s the legitimate barter tool"
"Physical cash is still the best tool in teaching children especially how to save and budget."
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