According to Bloomberg, a hidden bunker in the wine town of Cochem, about 100 kilometers from Frankfurt, has recently come to light, revealing Germany's historical concerns over currency security. This sentiment persists as the European Central Bank (ECB) considers introducing a digital euro. Privacy remains a significant worry for many Germans, with about half of the population expressing skepticism toward the digital currency.
During a recent visit to the bunker, a group of local pensioners voiced their concerns. One former bank employee mentioned that card and online payments already made her feel out of control with her expenditures. Others feared that a digital currency could make Germany overly reliant on technology. Hans Heinrich Kloeppel, a retired Deutsche Post employee who organized the trip, prefers using cash out of habit. Notably, none of the other visitors were willing to disclose their names.
The ECB plans to address privacy and security concerns by employing data encryption and hashing techniques to prevent direct links between transactions and specific users. Additionally, the digital euro will be available through cards for offline use, aiming to include less digitally savvy citizens and vulnerable groups such as asylum seekers. ECB President Christine Lagarde emphasized that the digital euro would coexist with physical cash, ensuring no one is left behind.
While card payments are increasing in Germany, other countries like Austria, Slovakia, and Malta are even more enthusiastic about the digital euro. Younger Germans are less concerned about privacy issues, and Bundesbank chief Joachim Nagel is optimistic about convincing the older generation of the digital euro's benefits. He noted that while he might not persuade his 92-year-old mother, the older generation is becoming more digitally savvy.
Back at the bunker, which once stored up to 15 billion alternative deutsche marks, Kloeppel shared the doubts of his fellow visitors but also acknowledged the inevitability of adapting to new developments. "You can't close yourself off from it," he said. "You have to adapt to such new developments."