Half of the respondents in a recent survey conducted by Deutsche Bundesbank, the central bank of Germany, expressed their willingness to use the digital euro, despite many of them being unaware of its existence and lacking a clear understanding of what it entails.
Out of the 2,012 participants surveyed and whose responses were published on June 4, 50% stated that they could definitely or probably envision using the digital euro if it was offered as an additional payment option. A quarter of the respondents said they would definitely not use it, while a similar percentage replied probably not, and only 1% claimed they did not know.
However, the survey also revealed that three out of five participants had never come across any information about the digital euro. Among those who had heard something about it, around 25% admitted to not knowing what it was, with 16% mistaking it for a cryptocurrency and nearly 30% believing that the digital euro would replace cash or lead to the abolition of physical currency.
Only 17% of the respondents correctly identified the digital euro as a form of central bank-issued digital money within the Eurosystem, meant to coexist with other payment methods like cash.
Deutsche Bundesbank President Joachim Nagel emphasized that the survey highlights a significant need for more information to be provided regarding the digital euro.
The survey also revealed that privacy was the primary concern for respondents when it comes to the digital euro. Over 75% of participants rated enhanced privacy features as very important or important. Additionally, more than 70% emphasized the importance of the digital euro being based on European infrastructure, while over 60% considered it crucial for the digital currency to be government-issued like cash and to allow offline transactions.
Nagel stated that Eurosystem central banks have no interest in users’ data and assured that the digital euro would offer far greater privacy protection compared to existing commercial payment solutions.
The European Central Bank (ECB) claims that the digital euro can be used offline and that transaction details would only be accessible to the payer and the payee.
Currently, the digital euro is in a preparation phase scheduled for completion in October 2025. This phase focuses on finalizing regulations and identifying potential issuers.
Last year, the European Commission submitted a draft regulation proposing a legal framework for the digital euro and measures to safeguard the use of cash.
Burkhard Balz, a member of the Bundesbank’s board responsible for the digital euro project, stated that according to current plans, the digital euro could be used for the first time by individuals no earlier than 2028.
Magazine: Unstablecoins: Depegging, bank runs, and other risks loom