According to PANews, a recent report from the European Central Bank (ECB) highlights the low interest among European consumers in central bank digital currencies (CBDCs), raising concerns for the planned launch of the digital euro. The ECB's working paper, which surveyed approximately 19,000 respondents across 11 eurozone countries, underscores significant communication challenges in promoting the digital euro to European households.
The report reveals that when asked to hypothetically allocate âŹ10,000 (approximately $10,800) across various assets, Europeans assigned only a small portion to the digital euro, indicating minimal impact on traditional liquid assets such as cash, current deposits, or savings accounts. Europeans exhibit a strong preference for existing payment methods and fail to perceive substantial benefits in new payment systems among numerous online and offline alternatives. The findings suggest that convincing some users of the added value of CBDCs may pose a challenge for policymakers, necessitating further research in this area.
The study indicates that while the introduction of the digital euro is unlikely to significantly affect financial stability, its adoption faces considerable obstacles due to consumer habits. It emphasizes the importance of targeted communication to address ongoing consumer resistance to the digital euro. The research also finds that European consumers are interested in video-based education and training, concluding that educating the public with video information related to CBDCs could facilitate broader adoption of the digital euro.
