The European Central Bank has published a report on the results of the public discussion related to the launch of the digital euro. The survey participants expressed what they want to see this digital currency.
Public consultations on the potential launch of the state cryptocurrency were held from October 12, 2020 to January 12, 2021. The European Central Bank (ECB) received over 8,200 comments. The overwhelming majority of respondents (94%) were private individuals. Banks, payment operators and technology companies also participated in the discussions. Most of the comments came from Germany (47%), Italy (15%) and France (11%).
The ECB noted that user statements do not necessarily reflect the views of the entire population of the European Union. Nevertheless, the comments received make an important contribution to the analytical and experimental work of the ECB, which may influence the decision of the Bank’s Governing Council to continue researching the digital euro.
According to the ECB, 43% of those surveyed believe that the digital euro should be kept confidential. 18% of survey participants named security as the main advantage of the digital euro. For 11% of users, it is important that they have the opportunity to pay with this asset in the European Union, 9% noted the absence of additional costs, and 8% would like to be able to make payments in digital euros without connecting to the network.
A large majority of the participants in the discussion support the need to prevent illegal activities with the digital euro, and only a few advocated its complete anonymity. More than two-thirds of respondents believe that the digital euro should be integrated into existing banking and payment systems, therefore they recognized the importance of intermediaries providing payment services. About a quarter of those who submitted the comments believe that the digital euro should increase the speed of international payments and reduce their cost. Some users want the digital euro to be usable outside of Europe, but with certain restrictions.
With regard to technical proposals, a quarter of those surveyed believe that it is necessary to develop special solutions for end users, for example, smart cards that would allow the digital euro to be used as cash. Almost half of the respondents said it was necessary to set limits on the ownership of the digital euro, as well as think over a multi-level system for managing the volume of digital euros in circulation.
“The digital euro can be successful if it meets the needs of Europeans. We will do our best to ensure that this digital currency meets the expectations of ordinary citizens and businesses, ”said Fabio Panetta, member of the ECB Board of Directors.
Earlier, the president of the European Central Bank, Christine Lagarde, said that if regulators approve a plan to develop a digital euro, it could be launched in the next four years.
