Survey Shows Half of Germans Open to Using Digital Euro Despite Limited Awareness
A recent survey conducted by Deutsche Bundesbank has revealed that despite limited awareness and understanding, half of the German respondents are open to using the digital euro as an additional payment option.
Out of the 2,012 participants, 50% indicated 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.
Privacy emerged as the paramount concern for potential digital euro users, 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 and that the digital euro would offer enhanced privacy protection compared to existing commercial payment solutions.
The ECB has stated that the digital euro can be used offline, with transaction details known only to the payer and the payee, ensuring a level of privacy.
Currently in the preparation phase, the digital euro is scheduled for completion in October 2025. This phase focuses on finalizing rules and identifying potential issuers.
According to Burkhard Balz, Bundesbank’s board member responsible for the digital euro project, current plans envision the possibility of individuals making their initial digital euro payments no earlier than 2028.
The survey also revealed that 130 countries, representing 98% of global GDP, are currently exploring a CBDC, with 19 of the G20 countries in the advanced stage of their CBDC development. Eleven countries have fully launched a CBDC, including China, The Bahamas, Nigeria, Anguilla, Jamaica, and seven Eastern Caribbean countries.
It is worth noting that the United States has no confirmed plans to launch a digital currency, but is moving forward with a wholesale (bank-to-bank) CBDC. Some lawmakers in the US have opposed a CBDC due to privacy concerns.
