Digital Euro: ECB publishes full analysis of its public consultation | Technobuzz

At the start of the year, the European Central Bank (ECB) had published some raw data concerning the closure of its public consultation on the creation of an e-euro. The latter came back with a slightly more complete analysis.
The institution confirmed in a publication all of the first conclusions. According to 43% of participants, the launch of a digital euro must respect privacy. Indeed, the ECB notes that:

“Most of the citizens in the sample opt for privacy, although this should restrict the use of offline transactions and limit the alternative of receiving additional innovative services or even with a combination of features to the both offline and online ”.

Security and the ability to pay across the eurozone come in second (18%) and third (11%) respectively for individuals and professionals.

Participants also want to back the digital currency with additional services. Indeed, for 25% of them, this new means will facilitate cross-border payments more quickly and at lower costs.

Also, the latter supports the demands aimed at preventing illicit activities. In this sense, less than one in ten responses is in favor of total anonymity.

In general, the consultation was the subject of many suggestions. The ECB mentions in its publication that:

“According to a quarter of respondents, end-user solutions that include (smart) cards or a secure element in smartphones would be preferable to facilitate cash-like functionality. Besides, almost half of the participants mentioned the need to introduce holding limits, staggered remuneration or a combination of both, to manage the number of digital euros in circulation ”.

Good participation, but not necessarily representative of the opinion of the population

As a reminder, the consultation took place between October 12, 2020, and January 12, 2021. It received just over 8,000 responses. A large majority of respondents were individuals (94%). The other participants were professionals such as banks, traders, tech companies, etc.). Finally, the majority of responses came from Germany (47%), Italy (15%), and France (11%).

In the end, the consultation played its role and provided precise information concerning the possible use of a digital euro. However, regarding the source of the responses, they are not necessarily representative of the opinion of the European Union population.

The fact remains that this experimental work will be important for the Governing Council's next decision (mid-2021) on the advisability of launching a survey phase on the digital euro.

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