Digital Euro: Awareness Rises, But Interest Lacks – ECB Findings

New research from the European Central Bank (ECB) shows that while public awareness of the digital euro has increased significantly, interest in its use remains limited. A survey of 19,000 households in 11 EU countries reveals a key hurdle: Many people are completely satisfied with their current payment methods.

Growing awareness, stagnating acceptance of digital euro

The study shows that awareness of the digital euro—a central bank digital currency (CBDC)—has increased. However, willingness to use it remains limited. In August 2022, 28% of participants were open to the digital euro, and in June 2023, this figure rose to 45%. Since then, however, it has stagnated and remained virtually unchanged until March 2024.

Although more people are aware of the currency, many see no reason to abandon their usual payment methods such as credit cards or mobile payment services. With 97% of households already having a bank account, the digital euro seems superfluous to many.

Communication helps – but only in the short term

To address this problem, the ECB tested the impact of educational content. Participants who watched a 90-second video outlining the benefits of the digital euro were more likely to reconsider their opinion and consider the currency. However, this effect was short-lived: after three months, the impact had largely dissipated.

Furthermore, most participants did not take the opportunity to learn more, even though it was offered free of charge. This suggests that one-off communication measures are not enough. The ECB needs to develop clear, repeated, and targeted messages to generate interest—especially among those who are currently disinterested.

A “ceiling” of acceptance?

The study warns that the adoption rate may have reached a “ceiling.” Over 50% of respondents express no willingness to use the digital euro, primarily due to their satisfaction with existing alternatives.

The authors emphasize: “A significant proportion of consumers would likely not adopt the digital euro, mainly due to a strong preference for existing payment methods.”

Data protection as a stumbling block

Data protection concerns also play a role. Critics, including Donald Trump, who promised before his election to prevent a digital dollar, warn of the surveillance potential of CBDCs. Such fears could also hamper adoption in the EU.

The ECB faces the challenge of allaying these concerns and positioning the digital euro as an innovation that promotes security and inclusion—not control.

Conclusion

Despite increased awareness, enthusiasm for the digital euro remains muted. The ECB must continue to convince people with continued education and clear benefits to overcome complacency with the status quo. Only then can the digital euro become more than a well-known but unused concept.

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(Featured image by Mika Baumeister via Unsplash)

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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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