The European Central Bank (ECB) has released the results of its public consultation, which began last year to assess Europeans’ views on a central bank digital currency (CBDC) backed by the EU.
The ECB stated that the results of the survey’s detailed review validated its previous findings. The European Union’s monetary authority stated that the public desired a Digital Euro that would be compatible with current banking and payment systems. The results of the public consultation will be used to inform the European Council’s decision when it meets in mid-2021 to decide on the CBDC initiative’s fate, as mentioned in the announcement.
“A digital euro can only be successful if it meets the needs of Europeans,” says ECB Executive Board member Fabio Panetta. “We will do our best to ensure that a digital euro meets the expectations of citizens highlighted in the public consultation.”
Other important features users want to see in the Digital Euro include protection, cross-border transfers across the EU, no extra costs, and accessibility in offline conditions, in addition to privacy, which respondents prioritized.
“Privacy is the most important feature of a digital euro for both the public and professionals, especially merchants and other companies. Both groups support requirements to avoid illicit activities, with fewer than one in ten responses from members of the public showing support for full anonymity,”the report reads.
The development of a CBDC commodity by major central banks all over the world is not unusual in today’s world. While the Bahamas’ Central Bank made history as the first bank to launch a functioning CBDC product, other countries such as China and Sweden are also in the advanced testing stages of developing a state-backed digital currency.