ECB Struggles to Spark Interest in Digital Euro Among European Consumers

A recent ECB working paper based on a survey of about 19,000 respondents from 11 euro-area countries found that European households are indifferent primarily to the digital euro. The survey revealed significant communication challenges that could impede widespread adoption. When asked about a hypothetical allocation of €10,000, respondents allocated only a small fraction to the digital euro, indicating it would likely have minimal impact on traditional liquid assets like cash and savings accounts.

The report pointed to a strong consumer preference for existing payment methods, with many Europeans seeing no compelling reason to switch to a new digital currency amid the abundance of online and offline alternatives.

“This finding also suggests that convincing some users of the value added of a CBDC might pose a challenge for policymakers, and more research will undoubtedly be needed in this area.”

The study noted

The study concluded that a digital euro could be launched without jeopardizing financial stability, but consumer habits pose a significant challenge to its adoption. The European Central Bank highlighted the importance of targeted communications to overcome scepticism and foster public trust. Specifically, video-based education and training effectively enhanced consumer engagement, as respondents who watched an informative video about the digital euro were more inclined to change their beliefs and show a greater willingness to adopt the currency.

The report’s release comes amid growing opposition to Central Bank Digital Currencies (CBDCs) in the U.S. Representative Tom Emmer criticized CBDCs as “inherently un-American” during a House Financial Services Committee hearing and reintroduced the CBDC Anti-Surveillance State Act to prevent future development of such currencies. In Europe, officials expressed concerns about external threats to financial autonomy, particularly former U.S. President Donald Trump’s support for cryptocurrencies and dollar-backed stablecoins, which could threaten the region’s monetary sovereignty.

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