Half of Germans are open to using the digital euro, despite having limited awareness of it. A recent survey conducted by Deutsche Bundesbank revealed that out of 2,012 participants, 50% expressed interest in utilizing the European Central Bank’s pilot central bank digital currency (CBDC), the digital euro.
However, the survey also highlighted a lack of familiarity with the digital euro among respondents. Three in five participants admitted to never having heard, read, or seen anything about the digital euro. Among those who had some knowledge, approximately a quarter admitted to not knowing what it was, with 16% mistakenly considering it a cryptocurrency.
Furthermore, nearly 30% believed that the digital euro aimed to replace or abolish cash if introduced. Bundesbank President Joachim Nagel emphasized the need for greater information dissemination, stating that the survey underscored the necessity of providing more details about the digital euro to the public.
Privacy emerged as the primary concern for potential digital euro users, with over three-quarters of respondents rating it as “very important” or “important.” Participants also expressed a strong preference for the digital euro to be based on European infrastructure and issued by the government, similar to cash, with the ability to facilitate offline payments.
Nagel reassured the public regarding privacy concerns, stating that Eurosystem central banks have no interest in users’ data and that the digital euro would offer enhanced privacy protection compared to existing commercial payment solutions. The ECB has stated that the digital euro can be used offline, and transaction details would remain known only to the payer and the payee, ensuring a level of privacy.
The digital euro is currently in the preparation phase, scheduled for completion in October 2025. This phase focuses on finalizing rules and identifying potential issuers. In June last year, the European Commission submitted a draft regulation proposing a legal framework for the digital euro and measures to safeguard the use of cash.
According to Burkhard Balz, Bundesbank’s board member responsible for the digital euro project, individuals may be able to make their initial digital euro payments no earlier than 2028. The Atlantic Council CBDC tracker reports that 130 countries, representing 98% of global GDP, are exploring a CBDC, with 19 of the G20 countries in the advanced stage of development. Eleven countries have fully launched a CBDC, including China, The Bahamas, Nigeria, Anguilla, Jamaica, and seven Eastern Caribbean countries.
It is important to note that the United States has no confirmed plans to launch a digital currency, but is moving forward with a wholesale CBDC. Some lawmakers in the US have expressed privacy concerns regarding a CBDC.