📣 Germans Call for a Privacy-Focused CBDC
posted 5 Jun 2024
A Bundesbank study reveals that half of Germany's population is open to using a digital euro as an alternative payment method, although the remaining 49% somewhat oppose the idea.
The survey highlights a significant lack of awareness: 59% of participants admitted to having no knowledge of the digital euro, while only 41% had encountered information about it. This suggests that many responses might be speculative rather than informed.
Interestingly, 15% of those familiar with the digital euro mistakenly believe it will entirely replace cash—a misconception corrected by European banking officials. Additionally, 17% are unsure about who would issue the CBDC (the correct answer is the European central banks).
Answers to the question “What is the digital euro?”. Source: official Bundesbank survey.
Despite their limited understanding, a significant majority (76%) expressed a desire for greater privacy compared to traditional digital payments, and 59% see the importance of enabling offline transactions to mimic the cash experience with the potential CBDC.
Eurosystem central banks have no interest in users’ data. The digital euro would protect people’s privacy far better and more effectively than current commercial payment solutions,asserted Bundesbank President Joachim Nagel.
As the European banking system continues to develop the CBDC, it engages in broad consultations with the public and banking sectors to gather feedback. According to the Bundesbank, the earliest implementations of payments using the digital euro would not occur before 2028, assuming the most optimistic projections.
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