European consumers are like, “meh” about adopting a central bank digital currency (CBDC), according to a recent ECB study. 😴
The study surveyed about 19,000 respondents across 11 euro-area countries and found that Europeans are more interested in their current accounts, cash, and savings accounts than the digital euro. 💸
The ECB’s working paper on “Consumer attitudes towards a central bank digital currency” revealed that Europeans have a strong preference for existing payment methods and see no real benefit in a new type of payment system. 🤷♀️
“This finding also suggests that convincing some users of the value added of a CBDC might pose a challenge for policymakers, and more research will certainly be needed in this area.”
The study suggested that while a digital euro could be introduced with minimal disruption to financial stability, its adoption faces significant hurdles due to consumer habits. 😕
The ECB paper found that European consumers were receptive to video-based education and training and concluded that educating the masses with CBDC-related video information could help with the widespread adoption of the digital euro:
“We find evidence that consumers who are shown a short video providing concise and clear communication about the key features of the digital euro are substantially more likely to update their beliefs about this new form of payment, which, in turn, increases their immediate likelihood of adopting it compared to an untreated control group.”
Meanwhile, US lawmakers are like, “Nuh-uh, we don’t want no CBDCs!” Speaking at the House Financial Services Committee hearing on March 11, Representative Tom Emmer said Congress should “prioritize pro-stablecoin legislation alongside anti-CBDC legislation.” 😲
Emmer said, “CBDC technology is inherently un-American” and unelected officials should not be allowed to issue it. Emmer also reintroduced the CBDC Anti-Surveillance State Act, which would prevent future US administrations from launching CBDCs. 🚫
Meanwhile, Deutsche Börse CEO Stephan Leithner recently called for the establishment of a permanent digital euro, among other reforms, to strengthen the region’s financial autonomy. 💶
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2025-03-13 12:15