Increased Awareness of Digital Euro vs. Adoption Willingness

New research from the European Central Bank reveals that public awareness of the digital euro has significantly increased, but this has not led to higher consumer interest in its adoption.

Study Overview

Approximately 19,000 households across 11 EU countries participated in the study, uncovering a major barrier to adoption: many respondents expressed satisfaction with their current payment methods.

Effects of Information Campaign

Participants who viewed a video detailing the benefits of this central bank digital currency (CBDC) were more inclined to rethink their opinions about it and considered adoption. However, the enthusiasm for the digital euro was short-lived, with the effects of the information campaign fading within three months.

Limited Engagement

Though those who watched a 90-second video were invited to explore more about the digital euro for free, most opted not to engage further. This suggests that clear communication about the practical features of the CBDC is crucial and may require repetition, especially targeting uninterested consumers.

Consumer Sentiment

A significant number of consumers, approximately 28%, were initially open to adopting the digital euro in August 2022, which increased to 45% by June 2023. However, this figure remained largely unchanged until March 2024, indicating a potential ‘ceiling’ in adopter willingness as over 50% of consumers remain hesitant to embrace the new payment method.

Broader Context

This report surfaces amid other economies reassessing their CBDC plans, driven by privacy concerns among critics. Notably, Donald Trump has previously stated he would oppose the creation of a digital dollar, a view supported by his Treasury Secretary, Scott Bessent.

Edited by Stacy Elliott.