A public survey carried out by the European Central Bank (ECB) has found that privacy is the most important feature of a digital euro for consumers. In an announcement, the central bank confirmed it had received some 8,200 responses to its consultation on the matter, including from across the business community. Among the responses, ECB said it had received a number of helpful technical contributions on how best to realize the digital euro.
Privacy is essential in a digital euro for consumers.
Around 43% of respondents, including members of the public, said that privacy was the most important feature for them in the state-backed digital currency. However, the majority stopped short of total anonymity, with only 1 in 10 highlighting anonymous transactions as an important feature of a national digital currency. Second to privacy was the issue of security, which flagged for 18% of respondents. A further 11% said the ease with which the digital euro could be used as a currency, while 9% said it should come with no additional fees.
(THREAD) The record participation in our public consultation and willingness of citizens and professionals to support a digital euro are encouraging. The most valued features are privacy, security and broad usability. Speech https://t.co/YO6QNjT8sN 1/3 pic.twitter.com/dOT1WgQjCj
— European Central Bank (@ecb) April 14, 2021
“Digital euro would be designed with citizens as the foremost consideration.”
Fabio Panetta, a member of the executive board at the ECB, said the digital euro would be designed with citizens as the foremost consideration. “We will do our best to ensure that a digital euro meets the expectations of citizens highlighted in the public consultation.” The findings come at a time of increasing interest in central bank digital currencies globally, with major central banks around the world weighing up their own solutions. ECB President Christine Lagarde has said the digital euro would be ready on a four-year timeline if a rollout plan is approved in the summer.