A recent survey by Deutsche Bundesbank revealed that while half of Germans could see themselves using the digital euro, many are still unaware of its existence or have misconceptions about it.
Survey Details
- Sample Size: 2,012 respondents
- Date: Published on June 4
- Key Findings:
- 50% of respondents could “definitely” or “probably” imagine using the digital euro as an additional payment option.
- 25% said they would “definitely not” use it, while another 25% said they would “probably not.”
- 1% were unsure.
Awareness and Understanding
- Awareness:
- 60% had never heard, read, or seen anything about the digital euro.
- Of those who had heard about it:
- 25% didn’t know what it was.
- 16% thought it was a cryptocurrency.
- Nearly 30% believed it was meant to replace cash or thought cash would be abolished.
- Only 17% correctly identified it as a Eurosystem central bank-issued digital currency available in addition to other payment methods.
Privacy and Other Concerns
- Privacy: Over three-quarters of respondents rated privacy as “very important” or “important.”
- Other Important Features:
- Over 70% wanted the CBDC to be based on European infrastructure.
- More than 60% valued the digital euro being government-issued like cash and having the ability to pay offline.
Statements from Officials
- Joachim Nagel, Bundesbank President: Stated the survey shows a need for more information about the digital euro.
- Privacy Assurance: Nagel emphasized that Eurosystem central banks have no interest in users’ data and claimed the digital euro would offer better privacy than current commercial payment solutions.
- Burkhard Balz, Bundesbank’s Board Member: Mentioned that the digital euro is in the preparation phase, expected to be completed by October 2025, with the first payments possible by 2028.
Future of the Digital Euro
- Current Phase: The digital euro is in a preparation phase focused on finalizing rules and finding potential issuers, set to complete by October 2025.
- Legislation: Last June, the European Commission proposed a legal framework for the digital euro and measures to safeguard the use of cash.
The survey highlights a significant information gap about the digital euro among the German population and underscores the importance of addressing privacy concerns and educating the public on the nature and benefits of the CBDC.