LAGOS (CoinChapter.com) — Despite the downtrend experienced across the cryptocurrency market this year, worldwide interest in digital currencies continues to grow remarkably as crypto adoption skyrockets.
In detail, data from Google Trends indicates that the global interest in central bank digital currency (CBDC) has risen significantly. Notably, searches for CBDC soared to an eight-month high revealing an unprecedented interest in state-controlled digital currency globally.
According to Google Trends, searches for the term “central bank digital currency” surged this week from 47 to 100. This rise represents the highest increase recorded in terms of Google search since the massive market collapse in May. Moreover, searches for the term “central bank digital currency” last peaked at 100 in February this year.
Notably, Google Trends uses numbers to represent search interest with ‘100’ as the peak popularity for the specific term. Also, it is worth noting that high interest doesn’t necessarily imply an increase in digital assets price or rise in actual buying.
Furthermore, a report also revealed that searches for CBDC grew 769% above average levels worldwide last month. It indicated that searches for CBDC jumped over eight times the average volume worldwide last month. CBDCs were also reportedly searched for an estimated 106,640 times worldwide last month.
Additionally, Google Trends indicated that the 10 countries with the highest level of search interest for ‘CBDC’ over the past 12 months include Jamaica, South Korea, Hong Kong, Singapore, China, Canada, Poland, Switzerland Kenya, and Slovenia.
Central Bank Digital Currency Searches At All-Time Highs In US, UK
Meanwhile, global searches for digital currency peaked at all-time highs in the United States with a 1,041% increase. Similarly in the United Kingdom, online searches for digital currency soared by 1,136%.
Notably, the UK recorded around 7,370 searches for CBDCs each month on average. Likewise, one-fifth of entire searches come from the US, which contributes an estimated average of 20,680 searches per month.
The interest in CBDC in the UK comes with the appointment of crypto-friendly Rishi Sunak as the new British PM. Sunak had earlier advocated for the adoption of CBDCs. In a tweet, he urged the UK to explore digital currency and develop a digital sterling, ‘Bitcoin’.
Consequently, the US growth has been attributed to the release of its first framework which explores the development of digital assets. This entails the creation of a US Central Bank Digital Currency as well as recommending more CBDC-focused research.
The District of Columbia, Maryland, and New York are among the top states leading this search trend in the US over the last 12 months. Others include Virginia, Washington, New Jersey, Nevada, Colorado, California, and Connecticut.
“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 realized that they cannot beat Bitcoin, and now they want a piece of the action.”
A spokesperson from the findings’ author noted.
19 G20 Countries Are Exploring CBDCs
Meanwhile, it is important to note that over 100 countries, including 19 G20 nations, are now exploring CBDCs. The World Economic Forum in its latest report stated that CBDCs could improve financial inclusion.
The world economic body noted that Australia’s central bank among other major financial institutions is trialing a digital currency to explore “innovative ways” for homes and businesses to make payments and transfer funds.
In fact, China is expected to launch a CBDC in 2023. While G20 countries – which represent the world’s largest economies – are exploring CBDC. Notably, 10 countries have already launched their own digital currency, including Nigeria in Africa and Jamaica in the Caribbean.
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