Survey: Most Germans Unaware of Digital Euro despite EU Development
CryptoNewsTerminal Staff05 Jun, 2024
Survey: Most Germans Unaware of Digital Euro despite EU Development
Almost 60% of Germans have never heard of the digital euro, a central bank digital currency (CBDC) being developed by the European Union (EU), according to a survey by the Bundesbank, the country's central bank. Of those who had heard of the digital euro, 16% mistakenly believed it to be a cryptocurrency. These findings suggest a need for more education about the digital euro and CBDCs, the Bundesbank said. The European Central Bank (ECB) is currently preparing to launch the digital euro in November 2025. The digital euro will be a digital form of the euro that will be issued by the ECB and will be legal tender in the eurozone. It is intended to complement cash and other forms of payment, not replace them. The Bundesbank's survey findings indicate that there is a low level of awareness about the digital euro among the German public. This is likely due to the fact that the digital euro is still in the development phase and has not yet been launched. However, given that the digital euro is expected to be launched in the next few years, it is important for the ECB and national central banks to increase public awareness and understanding of the digital euro.
