According to a public survey conducted by the European Central Bank (ECB), the most significant aspect of a digital euro for consumers is it’s security.
A public study did by the European Central Bank (ECB) has discovered that security is the most significant aspect of a digital euro for consumers. The central bank reported in a statement that it had received 8,200 responses to its consultation on the subject, including from the business community. ECB said it got a host of helpful technological contributions on how to better realize the digital euro from the comments.
Consumer privacy is critical in a digital economy
Privacy was the most critical attribute, indicated by 43 percent of those surveyed, including members of the public, for the state-backed cryptocurrency. The bulk, however, fell short of absolute anonymity, with only one in ten citing anonymous purchases as a key function of a regional cryptocurrency. The second most common concern, after privacy, was defense, which was raised by 18% of respondents. Another 11% mentioned the simplicity of which the digital euro could be used as a currency, while 9% said it should be free of extra fees.
The digital euro, according to Fabio Panetta, a member of the ECB’s executive board, would be planned with it’s people in mind. “We will do everything possible to ensure that a digital euro satisfies the wishes of people expressed in the public consultation.” The results come at a time when there is growing interest in central bank digital currencies around the world, with major central banks considering their own options. If a rollout schedule is approved in autumn, ECB President Christine Lagarde says the digital euro will be ready in four years.