Half of Germans Open to Using Digital Euro, Despite Limited Awareness
Despite limited awareness and understanding, half of the German respondents have expressed openness to using the digital euro as an additional payment option.
A recent survey conducted by Deutsche Bundesbank revealed that out of the 2,012 participants, 50% stated that they could “definitely” or “probably” imagine utilizing the European Central Bank’s (ECB) pilot central bank digital currency (CBDC), the digital euro.
However, the survey also highlighted a lack of familiarity with the digital euro among the respondents.
Three in five participants admitted to never having heard, read, or seen anything about the digital euro.
Among those who had some knowledge, approximately a quarter admitted to not knowing what it was, with 16% mistakenly considering it a cryptocurrency.
Furthermore, nearly 30% believed that the digital euro aimed to replace cash or abolish it altogether if introduced.
Bundesbank President Joachim Nagel emphasized the need for greater information dissemination, stating that the survey underscored the necessity of providing more details about the digital euro to the public.
The survey also shed light on the key concerns and preferences of potential digital euro users.
Privacy emerged as the paramount concern, with over three-quarters of respondents rating it as “very important” or “important.”
Participants also expressed a strong preference for the digital euro to be based on European infrastructure (over 70%) and issued by the government, similar to cash, with the ability to facilitate offline payments (over 60%).
Nagel reassured the public regarding privacy concerns, stating that Eurosystem central banks have no interest in users’ data.
He further asserted that the digital euro would offer enhanced privacy
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