Sunday, June 23, 2024

Half of Germans Open to Digital Euro, But Awareness Low: Survey.

In a recent survey, half of Germans said they could imagine themselves adopting the digital euro, even though many were unaware of its existence or its meaning.

In a study conducted by Deutsche Bundesbank and released on June 4, half of the 2,012 respondents said they could “definitely” or “probably” see adopting the digital euro, which is the European Central Bank’s pilot central bank digital currency (CBDC), if it were an extra payment option.

Approximately 25% of respondents stated they would “definitely not” use it, while 1% indicated they were unsure.

However, three out of every five respondents claimed they had never seen, read, or heard about the digital euro.

Approximately 25% of those who had heard anything said they had no idea what it was; 16% assumed it to be a cryptocurrency; and nearly 30% said they felt the digital euro was going to replace cash or that it would imply the abolition of cash if it were adopted.

Only 17% of respondents correctly identified it as a type of digital money issued by the Eurosystem central bank, which the ECB stated will be available in addition to conventional payment options like cash.

According to a statement by the president of the Bundesbank, Joachim Nagel, “a great deal of information still needs to be provided.”

Privacy is the greatest concern for digital

More than 75% of respondents rated ensuring better privacy from the digital euro as “very important” or “important,” making it the most important feature compared to current digital payment choices.

More than 70% of respondents deemed it crucial that the CBDC be built on European infrastructure, and more than 60% indicated that the digital euro’s ability to be paid offline and issued by the government rank highly critical.

Users’ data is not of interest to the central banks of the Eurosystem, according to Nagel. He asserted that the digital euro would “far more effectively” safeguard privacy than “traditional commercial payment solutions.”

According to the ECB, transaction details “would be known only to the payer and the payee,” and the digital euro can be used offline.

Right now, it’s in the planning stage, with completion expected in October 2025. The main goals of this phase are rule finalization and potential issuer identification.

The European Commission filed a draft regulation in June of last year that included a plan to protect cash usage as well as a legal foundation for the digital euro.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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