In Latin America they believe that CBDCs will help fight corruption

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Key Facts: Although they fear invasion of privacy, many consider CBDCs to be secure. A large part of the population says they “don't know enough about digital currencies.” According to data from research carried out by the consulting company Sherlock Communications, in Latin America there is a strong belief that central bank digital currencies (CBDC) can help combat corruption that affects their countries. It is an idea which is supported by 67% of the people who responded the survey applied by the consulting firm in Argentina, Brazil, Chile, Colombia, Mexico and Peru. The latter being the country where the most people supported the statement, with 78% approval. As explained in the report, the fact that CBDC transactions are traceable It is one of the arguments that the interviewees presented to say that these coins have some anti-corruption property.

In 6 countries in the region, the majority believes that CBDCs have anti-corruption powers. Source: Sherlock Communications Additionally, it was learned that seven out of ten people think that CBDCs “will speed up payments and reduce bureaucracy.” This, while almost 60% of the responses point to the idea that with CBDCs «you are safer and more protected against crime.» However, there were also positions of rejection. 34% of respondents felt that CBDCs offer governments a means to monitor them, while 56% feel that these currencies will be used to monitor people's consumption habits. A belief that was endorsed by 64% of those surveyed from Colombia and 48% of Argentines. At this point, the researchers highlight the existence of a high level of ambiguity on the topic of CBDCs in the region. This, taking into account that 62% of those surveyed in the 6 countries included in the study said «they did not know enough about digital currencies.» A statement that was stronger in Brazil and Chile, with 65% respectively. In this way, the results reveal important elements, as explained in the consulting company's analysis.

There is a positive outlook on digital currencies throughout Latin America. But there is still a lot of work to be done by national governments and the broader cryptocurrency community, in terms of educating the population on the topic. We need to simplify the narrative of cryptocurrencies and CBDCs so people can understand what is changing. Luiz Hadad, blockchain consultant at Sherlock Communication.

This highlights the little information that exists on CBDCs for the majority of the region's population, where there are some 6 projects under research and one in the pilot phase. So far, Brazil is the country that has made the most progress, as it is already carrying out tests with Drex. It is also worth highlighting that, with the responses obtained, there seems to be a stark contrast between the position of Latin America and what is said about CBDCs in other parts of the world, where the majority expresses great rejection of these projects. As BitcoinDynamic has reported, criticism has spread in the US, where there are even bills to prohibit them. While Europe opposes control, and in the United Kingdom they fear the financial damage that CBDCs could cause.