A recent survey conducted by Deutsche Bundesbank revealed that 50% of Germans expressed their willingness to use the digital euro, despite many of them being unfamiliar with the concept. The survey, which involved 2,012 participants, found that a quarter of respondents said they would definitely not use the digital euro, while a similar percentage said they would probably not use it. Only 1% admitted to being unsure about their decision.
Interestingly, the survey also discovered that three out of five respondents had never heard, read, or seen anything about the digital euro. Among those who were aware of it, about a quarter admitted to not knowing what it was, with 16% mistaking it for a cryptocurrency. Furthermore, nearly 30% believed that the digital euro was intended to replace cash or even abolish it altogether.
Only 17% of the participants correctly identified the digital euro as a form of Eurosystem central bank-issued digital money that would be available alongside other payment options, including cash.
Commenting on the survey results, Bundesbank President Joachim Nagel emphasized the need for more information to be provided to the public regarding the digital euro.
One of the key concerns highlighted by the respondents was privacy. Over three-quarters of the participants considered improving privacy protections compared to existing digital payment methods as a highly important feature of the digital euro. Additionally, more than 70% believed it was crucial for the CBDC to be based on European infrastructure, while over 60% expressed the importance of the digital euro being government-issued like cash and having the ability to make offline payments.
Nagel reassured the public that Eurosystem central banks have no interest in users’ data and stressed that the digital euro would safeguard privacy more effectively than current commercial payment solutions.
The European Central Bank (ECB) has claimed that the digital euro can be used offline, and transaction details would only be known to the payer and the payee.
The digital euro is currently in a preparation phase, set to be completed by October 2025, which focuses on finalizing rules and identifying potential issuers. Last June, the European Commission submitted a draft regulation proposing a legal framework for the digital euro and measures to protect the use of cash.
Burkhard Balz, the board member of Bundesbank responsible for the digital euro project, stated that the current plans aim to enable people to make their initial digital euro payments by 2028 at the earliest.