A recent report has discovered that approximately half of the participants in a survey conducted in Germany can envision using a digital euro as an extra payment alternative. However, the study also revealed that around three-quarters of the respondents consider privacy to be a vital or significant aspect when it comes to using the digital euro.
The survey, which involved 2,012 German residents and was commissioned by the Deutsche Bundesbank, indicates that many Germans are receptive to the concept of a digital euro. It found that 50% of the respondents could generally picture themselves using a digital euro as an additional payment option. This sentiment was also shared by Germans who were previously unaware of the digital euro.
The study disclosed that 41% of the participants had come across information about the digital euro through hearing, reading, or seeing, while 59% lacked awareness of its existence. However, privacy concerns were prominent among most respondents.
“The aspect of privacy in connection with the use of the digital euro was considered very important or important by more than three-quarters of the respondents. Among those surveyed, 59% stated that the planned offline version of the digital euro, which aims to provide a level of privacy protection similar to that of cash, was very important or important,” stated the report.
Although these findings suggest privacy concerns, Joachim Nagel, the President of the Bundesbank, claimed that Eurosystem central banks do not have any interest in users’ data. Nagel further added that the eurozone’s digital currency would safeguard people’s privacy far better than current commercial payment solutions.
Additionally, the study discovered that some respondents (15%) believed that the digital euro was designed to replace cash, while 12% thought that cash would be abolished once the digital euro became functional. Only 17% were aware that the digital currency would serve as an additional means of payment and would be issued by the European Central Bank (ECB) or the Bundesbank. Furthermore, 16% of the respondents mistakenly believed that the digital euro was a cryptocurrency.
According to a press release, the Eurosystem, which is the monetary authority of the euro area, will only be able to determine the introduction of the digital euro after EU legislators establish the necessary legal framework.
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