Crypto: Germany says YES to the digital euro!

The adoption of digital currency in Europe takes a significant step as crypto continues to gain traction worldwide. A recent survey conducted by the Bundesbank revealed that despite limited knowledge of the digital euro, half of Germans are open to the idea of using it.

50% of Germans are ready to use the digital euro!

Of the 2,012 survey participants, 50% stated that they could “certainly” or “probably” consider using the European Central Bank (ECB) digital euro as an additional payment option. However, it is interesting to note that three out of five admitted to having never heard of the digital euro or CBDCs before.

Among those who had some knowledge of the digital euro, about a quarter admitted to not knowing what it was, and 16% even confused it with a crypto. Moreover, nearly 30% thought that the digital euro aimed to replace or completely abolish cash if introduced.

Privacy, the main concern of future CBDC users

The main concerns and preferences of potential users of the digital euro and CBDCs, in general, have been highlighted. Privacy emerged as the main concern, with more than three-quarters of respondents considering it as “very important” or “important.” Nagel reassured the public, stating that the Eurosystem central banks have no interest in user data.

Currently, the digital euro is in the preparation phase, which is expected to be completed by October 2025. This phase focuses on finalizing the rules and identifying potential issuers. According to Burkhard Balz, a member of the Bundesbank board responsible for the digital euro project, current plans foresee the possibility of individuals making their first digital euro payments as early as 2028.

This openness to the digital euro in Germany reflects a growing trend towards the digitization of finances and a recognition of the potential value of crypto and central bank digital currencies (CBDCs) in the near future.