The majority of citizens in Germany are skeptical of the plans of the European Central Bank (ECB) to create the digital euro and consider that it is not necessary, according to a survey released this Saturday.
76 % of the people who participated in the survey carried out by the Association of German Banks (BdB) responded that they were “very” or “quite” in agreement with the statement that the digital euro was not necessary because of the existing payment options they were perfectly adequate. However, less than a third, 29 %, said they actually had an idea of how a digital version of the common European Union (EU) currency could be created and what the digital euro could be used for.
The deputy director general of the BdB, Henriette Peucker, considered it important for the ECB to explain to the people about the issue. “What should a digital euro look like? What advantages does it bring, but also what risks? The Central Bank must answer these central questions so that the project reaches the center of society,” Peucker said.
The monetary guardians of the euro have been analyzing the possibility of introducing a digital version of the common European currency for some time, in response to the strong rise of so-called cryptocurrencies such as Bitcoin or Ether. The ECB agreed in mid-July 2021 to take the groundwork to the next level. In a two-year research phase, from October 2021 the focus is on technology and data protection.
It has not yet been decided whether there will be a digital euro. In any case, the digital euro should complement cash and not replace it. The introduction of the digital euro is not expected until 2026, at the earliest. “The digital euro can only succeed if it is accepted and used by the European population. As long as its usefulness and risks remain unclear, the project will remain uncertain and consumers will continue to use the digital payment methods they already know and use trust,” Peucker estimated.
(Reference image source: Bruno Neurath-Wilson, Unsplash)