Germany’s Deutsche Bundesbank has disclosed the results of its survey, indicating that around 50% of respondents could “generally imagine” using a digital euro.

Many individuals in Germany are open to the concept of the digital euro, according to the Deutsche Bundesbank, the nation’s central bank. The survey, conducted among 2,012 people in April 2024, shows that about half of the participants “could generally imagine using a digital euro as an additional payment option.”

The survey highlighted that even those previously unaware of the digital euro expressed openness to this new means of payment. Only 41% of respondents had already heard, read, or seen some information about the digital euro, while 59% were unfamiliar with it.

“People who were previously unaware of the digital euro also indicated that they were open to this new means of payment in the survey. The survey revealed that only 41% of respondents had already heard, read or seen some information about the digital euro, whereas 59% did not know anything about it.”

However, there are still concerns among some individuals that the digital euro might be used to monitor payments. Deutsche Bundesbank president Joachim Nagel noted that a significant amount of information still needs to be provided, as 8% of respondents believe the digital euro is intended to monitor payment flow.

“The survey shows us that a great deal of information still needs to be provided and that we have set the right priorities, such as privacy protection, in the preparatory work for the new European means of payment.”

Deutsche Bundesbank executive board member responsible for cash and the digital euro project, Burkhard Balz, added that many respondents still had incomplete knowledge about the digital euro. Around 16% of respondents mistakenly believe that the digital euro will be a cryptocurrency.

“The prices of crypto-assets such as Bitcoin or Ethereum fluctuate strongly. They do not fulfil the traditional functions of a currency; the stability of their value is not vouched for by a central bank.”

In early May, the Deutsche Bundesbank revealed that nearly 90% of German households appear open to the idea of embracing a central bank digital currency (CBDC) during banking stress. The central bank found that many Germans are mainly open to CBDCs. Even without remuneration, almost half of the people indicated they would be comfortable with having digital euros.

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