What do the citizens of Europe expect from the digital euro, according to the ECB’s public consultation

Key facts:

The public consultation received more than 8 thousand responses in three months.

According to a director of the European Central Bank, this is a high number and shows a “great interest”.

Privacy in payments, security and continental reach, are the three most requested features by Europeans for the digital version of the euro.

These data are derived from a public consultation carried out by the Central Bank of Europe (ECB). The process began on October 12, 2020 and at the end of the same 8,221 citizens participated, companies and associations of the financial sector.

41% of the people and entities that participated chose the privacy as the main feature that the coin should have; 17% consider that safety is the most important; and 10% maintain that the priority is that it can be used throughout the continent.

The privacy that central bank digital currencies (or CBDCs, for its acronym in English) could have in no way implies anonymity. A report prepared by 8 banking entities, including the ECB, explains that these currencies will be based on centralized accounting books and that it will be a matter of national policy to decide who can access which parts and under what circumstances.

The digital euro could be available between 2023 and 2025, as reported by CriptoNoticias. According to the ECB, “this electronic form of money could be used by all citizens and companies like banknotes, but in digital format to make their daily payments quickly, easily and safely.”

More than 8,000 people and entities answered questions about their expectations of the digital euro. Source: ECB survey capture

In mid-2021, the ECB will decide whether or not it is possible to launch the project, based on the results of the public consultation and other studies. If approved, an investigation phase will begin on the requirements of users and service providers for digital currency.

ECB executives speak of “great interest” in the digital euro

For Fabio Panetta, member of the Executive Committee of the ECB and Chairman of the Special Group on the Digital Euro, “the high number of responses to the consultation shows the great interest of European citizens and companies in shaping the vision of a digital euro” .

The bank had reported that the idea of ​​the survey and other studies that will be carried out in the phases prior to the launch is to be able to identify a Viable product that can meet the proposed requirements and standards.

The working group commissioned to carry out these studies brings together experts from the ECB and 19 central banks in Europe. Between the scenarios that, according to their conclusions, would require the use of a digital euro They are: a greater demand for electronic payments; a significant decrease in the use of cash; the acceptance of digital currencies issued by other central banks; and the launch of global private means of payments.

On this last point, more specifically about Bitcoin, the president of the ECB, Christine Lagarde, spoke days ago. She is convinced that this and other cryptocurrencies, which she considers only as “speculative assets” should be regulated more strictly because otherwise “they will clearly be used for illicit purposes.