Financial news

Online searches for ‘central bank digital currencies’ (CBDC) reached an all-time high in September 2022; with Jamaica, South Korea, Hong Kong, the UK and the United States leading the trend. 

Analysis of Google search data by the cryptocurrency betting review website CryptoBetting uncovered how searches for CBDC grew 769 per cent above average levels worldwide last month.

CBDCs were searched for an estimated 106,640 times worldwide last month.

Online searches for the digital asset peaked at all-time highs in the US with a 1,041 per cent increase, and in the UK, which recorded a 1,136 per cent increase.

Almost one-fifth of global searches are derived from the US, which contributes an estimated average of 20,680 searches per month.

This comes as the country released its first framework exploring the development of digital assets including a US CBDC; ultimately recommending more CBDC research.

The District of Columbia, Maryland and New York were among the top states leading this search trend over the last 12 months.

With an even steeper rise than its cousins across the pond, the UK made around 7,370 searches for CBDCs each month, on average.

Chancellor-turned-Prime Minister, Rishi Sunak, advocated the implementation of CBDCs in his former position last October, encouraging the development of a digital sterling, ‘Britcoin’.

“The idea of digital money isn’t new. Bitcoin exploded onto the market with its price skyrocketing over the last few years,” comments a spokesperson from the findings’ author. “As cryptocurrencies grow in popularity and become the norm, central banks provide an alternative.

“CBDCs are different because it is government-backed digital money. Central banks have realised that they cannot beat Bitcoin, and now they want a piece of the action.

“The key difference between CBDCs and crypto is that the idea of crypto is to decentralise financial power. CBDCs ensure that the value and control of currency remain in the hands of governments, banks and financial elites, but could also mean widespread adoption of digital banking across nations like never before.

“With Rishi Sunak appointed as the new UK Prime Minister, we will likely see a further push for the adoption of CBDCs that we saw when he was in the role of Chancellor of the Exchequer.”