Germans are divided by the digital euro, many do not know what it is: a survey

In a recent survey, half of Germans said they could see themselves using the digital euro even if they hadn't heard of it or didn't know exactly what it was.

In a survey of 2,012 people published by the Deutsche Bundesbank on June 4, 50% said they would “definitely” or “probably” use the digital euro — the European Central Bank's pilot central bank digital currency (CBDC) — if it became an additional payment option.

A quarter said they “definitely don't use it” and about that “probably don't” – 1% don't know.

But three out of five respondents said they had never heard, read or seen anything about the digital euro.

Of the rest, a quarter of those who have heard of it don't know what it is – 16% think it's a cryptocurrency, while 30% think the digital euro is meant to replace cash or that it will be scrapped if it's demonetised. It was said.

Only 17% correctly answered that the ECB is a digital currency issued by the central bank of the Eurosystem, which is available as cash in addition to other payment methods.

Bundesbank President Joachim Nagel said in a statement that the survey showed that “significant information still needs to be provided.”

The biggest threat to the digital euro is privacy

Ensuring better privacy than the digital euro is the most important feature for respondents in current digital payment options, with more than three-quarters rating it as “very important” or “useful”.

More than 70% said it was important for the CBCC to be based on European infrastructure, while more than 60% signaled the importance of government-issued digital euros such as cash and the ability to pay offline.

“Eurosystem central banks have no interest in user data,” Nagel said. He says the digital euro protects privacy “more effectively than current commercial payment solutions.”

Related: Can the Digital Euro Really Take Off in Europe?

The ECB says the digital euro can be used offline and that transaction details are “known only to the payer and the recipient”.

It is currently in the preparatory phase, scheduled for completion in October 2025, focusing on finalizing regulations and finding potential issuers.

Last June, the European Commission presented a draft regulation for the legal framework for the digital euro and to protect the use of the currency.

Bundesbank board member Burkhard Balz, who is responsible for the digital euro project, said in a statement that current plans would see people “paying their first payments in digital euros as early as 2028.”

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