Federal Bank survey report. - Most people are unaware of the concept of the digital euro.
The path to a digital Euro involves a significant amount of awareness-raising, a recent Forsa survey for the Bundesbank suggests.
The survey revealed that 59% of the 2012 poll respondents had not heard or read anything about the fact that, under the ECB's direction, efforts to create a digital version of the European common currency have been underway for years. However, half of the respondents (50%) could envision using a digital Euro as a supplementary payment option. This inclination towards a new payment method was also demonstrated by those who had previously been unaware of its existence, Frankfurt's Bundesbank reported. However, almost as many respondents expressed their doubts (49%) and said they probably wouldn't or definitely wouldn't use a digital Euro. Data from this survey was gathered in April 2024.
Plans to introduce a digital version of the European common currency have been in progress for quite some time. The primary goal is to challenge the dominance of private providers, especially American ones, in the European digital payment market. While no definitive decisions have been made on whether or when there will be a digital Euro, Bundesbank board member Burkhard Balz expects the earliest potential usage to be in 2028. He stressed, "We will not abolish cash."
Privacy concerns have also been voiced in conjunction with the digital Euro, as extensive personal information about individual business deals could be gathered. Critics are worried about whether such protections will be adequately implemented. The survey revealed that for more than three-quarters (76%) of respondents, privacy protection was of utmost importance when considering the use of the digital Euro: "Very important" or "important" for over three-quarters of respondents.
Despite these concerns, Bundesbank President Joachim Nagel insisted, "The central banks of the Eurosystem have no interest in users' data. With the digital Euro, privacy would be significantly better protected than with the existing commercial payment solutions." The survey, however, demonstrated "a need for more information," according to Nagel. For instance, 8% of those who were aware of the project before the survey believed the digital Euro should be used to monitor payment flows.
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- The German Bundesbank, as a key player in Europe's monetary union, is actively involved in the educational work surrounding the potential introduction of a digital Euro.
- Germany, being a significant member of the European Union, is closely watching the progress of the digital Euro development, led primarily by the European Central Bank (ECB) in Frankfurt.
- In the digital age, discussions about the digital Euro and its potential impact on finances are happening not just in Frankfurt am Main or within the Bundesbank, but also widely on the Internet.
- Despite the privacy concerns raised by some, Germany supports the ECB's intentions to enhance the protection of user data with the introduction of a digital Euro, aiming to surpass the privacy standards of existing commercial payment solutions.
- According to the ECB, the development of a digital Euro has the ambition to challenge the dominance of private providers, including American ones, in the European digital payment market.
- The Forsa survey report, conducted in Germany, showed that over three-quarters of respondents value privacy protection highly when considering the use of a digital Euro.
- Among the African diaspora in Germany, there is a growing interest in digital Euro, as they see its potential for fostering cross-border transactions, which could be beneficial for Frankfurt-based businesses.
