The concern is that a Central Bank Digital Currency will leave them dangerously dependent on technology. They also worry that a CBDC would intrude on their privacy and put savings at risk.
These fears stem from the ECB’s pursuit of a CBDC, which officials believe to be better than physical cash. Officials will vote on its implementation in late 2025.
ECB officials told Bloomberg that the digital euro will have advanced safety features and privacy. Encryption and hashing will ensure that transactions are private.
Additionally, the bank will ensure that the currency will be easy to use and available to senior citizens and new arrivals.
In a statement in 2023, Christine Lagarde, the bank’s president, reiterated that the digital euro will co-exist with physical cash and its transactions will be free of charge.
