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2021/04/14

ECB Survey exhibits fundamental worries customers Have approximately CBDCs

 

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ECB Survey exhibits fundamental worries 

Amid the rising popularity of cryptocurrencies the planet over, a recent survey by the ECB reveals that Europeans want the central bank’s proposed digital currency (CBDC) to be private, secure, and cheap to use. The ECB is one among many central banks watching developing their own digital currencies to urge in on the decentralized trend to lower the prices and adapt to the evolving blockchain technology.

Privacy was mentioned because the biggest concern for both private individuals also as professionals when switching to a digital euro. Despite the ever-increasing popularity of cryptocurrencies, there's a big lack of awareness among users on how the technology actually works and the way secure transactions made on blockchain networks are.

In addition to being concerned about whether their money will remain secure when transitioning to a virtual currency, respondents also highlighted security, usability across the euro area, and therefore the absence of additional costs as other concerns. They also want to understand whether such a digital euro are often accepted as a legitimate method to form payments within the offline space also.

Among the respondents to the survey, around 50% were also keen that ECB features a cap on the number of digital euros that every citizen can own, introducing a system that would penalize users when their digital euro holdings cross a particular level. 

Meanwhile, two-thirds of the participants also wanted the digital currency to be offered by private sector intermediaries for straightforward integration into existing payment systems, and around 25% wanted a sensible card or a phone-based app that might allow them to spend the digital currency offline.

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