Germans split on digital euro, most don’t know what it is: Survey

German Attitudes Towards the Digital Euro

A recent survey conducted by Deutsche Bundesbank reveals insights into German perceptions of the digital euro, the European Central Bank’s (ECB) pilot central bank digital currency (CBDC).

Survey Findings

• Potential Adoption: Half of the respondents expressed openness to using the digital euro as an additional payment option.
• Awareness: Three in five respondents admitted they had never heard, read, or seen anything about the digital euro.
• Understanding: Among those who were aware of the digital euro, there was confusion regarding its nature, with some mistaking it for a cryptocurrency or assuming it would replace cash entirely.
• Privacy Concerns: Privacy emerged as the primary concern among respondents, with a significant majority emphasizing the importance of enhanced privacy features in the digital euro.
• Infrastructure and Issuance: Respondents expressed a preference for the digital euro to be based on European infrastructure and government-issued, akin to cash, with the ability to conduct offline transactions.
• Assurance of Privacy: Bundesbank President Joachim Nagel assured users that Eurosystem central banks prioritize user privacy and emphasized the digital euro’s potential to safeguard privacy more effectively than current commercial payment solutions.
• Current Status and Timeline: The digital euro is currently in a preparation phase scheduled for completion by October 2025, focusing on finalizing regulations and identifying potential issuers. Plans suggest that initial transactions with the digital euro may commence in 2028 at the earliest.

Regulatory Framework and Safeguards

Last June, the European Commission proposed a draft regulation to establish a legal framework for the digital euro and ensure the continued use of cash.

Burkhard Balz, Bundesbank’s board member overseeing the digital euro project, indicated that the digital euro’s rollout would align with current plans, aiming for initial usage by 2028.