Half of Germans in a recent survey said they could see themselves using the digital euro, although many had never heard of it or didn’t know what it was.

A Deutsche Bundesbank survey of 2,012 people published on June 4 found that 50 percent could “definitely” or “probably” envision using the digital euro — the European Central Bank’s pilot central bank digital currency. (CBDC) – if it was an additional payment option. .

A quarter said they would “definitely not” use it, the same said they would “probably not” – 1% said they didn’t know.

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Coin Telegraph

But three out of five respondents also said they had never heard, read or seen anything about the digital euro.

Of the rest who had heard of something, around a quarter said they didn’t know what it was – 16% thought it was a cryptocurrency while around 30% thought the digital euro meant replacing cash. Have to take or believe that cash will be eliminated. was presented.

Only 17% correctly answered that it was a form of digital money issued by the Eurosystem’s central bank that the ECB said would be available in addition to other payment methods, such as cash.

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Coin Telegraph

Bundesbank President Joachim Nagel said in a statement that the survey showed that “a lot of information still needs to be provided.”

Privacy is a major concern for the digital euro.

Ensuring better privacy than the digital euro over existing digital payment options was the most important feature for respondents, with more than three-quarters rating it as “very important” or “important”.

More than 70% said it was important that the CBDC was based on European infrastructure, while more than 60% wanted the digital euro to be similar to government-issued cash and with the ability to pay offline. Marked level of significance.

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Coin Telegraph

“Eurosystem central banks have no interest in consumer data,” Nagel said. He claimed that the digital euro would protect privacy “much more effectively than existing commercial payment solutions.”

The ECB claims that the digital euro can be used offline and transaction details “will be known only to the payer and the recipient.”

It is currently in the preparation phase which is due to be completed in October 2025 focusing on finalizing the rules and finding potential issuers.

Last June, the European Commission presented a draft regulation proposing a legal framework for the digital euro and securing the use of cash.

Burkhard Balls, the Bundesbank’s board member responsible for the digital euro project, said in a statement that current plans will see people “able to make their first payment with the digital euro as early as 2028.”

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