The European Central Bank (ECB) found that the majority of EU citizens don’t support the introduction of a central bank digital currency (CBDC). Concerns over data privacy and the lack of clear benefits compared to existing payment methods are the main reasons.
The ECB conducted a survey across EU member states to assess public opinion on the digital euro. The results showed that most respondents were against its implementation.
Key concerns raised by participants include:
- concerns about potential state control over personal finances;
- fears that the digital euro could limit transaction anonymity;
- doubts about the practical necessity of such an initiative.
Citizens also don’t see any obvious benefits in using the digital euro compared to the payment tools already available. In particular, EU users believe that the development of online banking and digital wallets reduces the need for a CBDC in everyday transactions.
Despite public skepticism, the ECB will continue its work on the digital euro project. The regulator emphasizes that the digital currency is meant to complement, not replace, cash and will provide additional resilience to the EU’s payment system.
Previously, ECB analysts addressed concerns about the privacy of the future CBDC to reassure EU citizens. The launch of the digital euro remains one of the regulator’s top priorities, and preparations for its rollout continue with ongoing tenders for practical implementation.
