Investigations are currently being conducted to prepare the financial sector for a Digital Euro. However, before that, central banks must consult with the public to learn how private citizens perceive the proposed CBDC.
The Federal Republic of Germany's central bank, the Deutsche Bundesbank, did just that and recently published its findings.
The results of a survey conducted by the Deutsche Bundesbank to assess how private households in the country feel about a Digital Euro were released. It was accompanied by an official brief in German titled "The debate about the digital euro is slow to reach consumers."
To be clear, very few Germans are enthusiastic. The central bank noted,
“Accordingly, only 13 percent of those questioned supported the introduction of a digital euro. Of those who already had previous knowledge of the topic, it was 22 percent.”
Nonetheless, the report found that more people are becoming aware of the Digital Euro. The Deutsche Bundesbank concluded that attitudes may change over time, especially as more information about the project becomes available.
To be completely 'Frank-furt,'
What about those who are in favor? Many people believe that the Digital Euro will allow them to avoid private payment processors, protect their data, and enjoy easy universal use.
The report added,
“Of those in favor of the digital euro, 65% saw it as a good alternative to cash and 63% as a good alternative to private means of payment…Around 61% of the supporters also found that a digital euro is part of a digitized society.”
Meanwhile, the majority of those opposed to the Digital Euro fear that it will lead to the abolition of cash. Taking this into account, the report discovered,
“This reinforces the Eurosystem’s intention to offer the digital euro in addition to cash and not in its place, should a decision be made to introduce it.”
Finally, the Deutsche Bundesbank stated that better communication with the general public will be required for a "successful introduction."
As a result, the question is whether Germans will eventually accept a CBDC. According to the report,
"40% of all respondents could see themselves using a digital euro in the future..."
A 'German-ating' project Newswires began flashing after it was announced that the European Central Bank (ECB) had finalized 30 business experts to form the Market Advisory Group for the Digital Euro project. These experts will assist the Eurosystem in its preparations for the possible establishment of a CBDC.
On that note, Europeans can expect to be polled more about the Digital Euro and their reactions to it.