Germans Show Openness to Digital Euro

The Deutsche Bundesbank, Germany's central bank, recently conducted a survey that shows that half of the country's population would use the European Central Bank's (ECB) digital euro.

Knowledge Gaps and Openness

While a staggering three-fifths (60%) of Germans surveyed admitted to having never encountered information about the digital euro, half (50%) expressed a willingness to use it if offered as an additional payment option. This openness suggests a public readiness for new payment solutions despite a need for familiarity.

However, the survey also shows confusion surrounding the digital euro. Thirty percent of the respondents mistakenly believed the digital euro would replace cash entirely.

This highlights the need for clear and concise public education efforts. The ECB has repeatedly emphasized that the digital euro would complement some money, offering a secure and convenient alternative for digital transactions.

Privacy emerged as the most critical factor for Germans considering the digital euro.

Privacy Concerns

Privacy emerged as the most critical factor for Germans considering the digital euro. Over three-quarters (76%) consider strong privacy protections to be either "very important" or "important." The polling firm said this concern likely stems from the ever-present issue of data privacy in the digital age.

In this regard, the ECB has assured potential users that their data will be far more secure with the digital euro than with existing commercial payment solutions.

Public Information Campaigns

Burkhard Balz, Bundesbank board member responsible for the digital euro project, stated that the survey results underline the importance of comprehensive public information campaigns. Balz added that under the current plans, people could make their first payments with the digital euro by 2028.

The central bank will launch public information campaigns to explain the concept of the digital euro. It will also ensure people understand that the digital euro complements cash and is not a replacement.

The ECB is committed to building a system that prioritizes user privacy. They claim that transaction details will be known only to the payer and the payee, with no unnecessary data collection by authorities.

Timeline for Implementation

The digital euro is in its initial phase, focusing on finalizing regulations and exploring potential distribution channels. This preparation phase is expected to conclude in October 2025.

According to Bundesbank estimates, Germans and Europeans should not anticipate using the digital euro for everyday transactions until at least 2028.