The survey indicates that the public’s level of confidence in the European Central Bank’s digital currency project is lower than that of the government.
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The people of Spain don’t seem to be as enthusiastic about the European Central Bank’s digital currency initiative, despite the Bank of Spain supporting the possible implementation of a digital euro.
This is the outcome of a poll called “Study on the habits in use of cash” that was released by the Bank of Spain. Ipsos polled 1,600 people in total—1,600 members of the general public and 600 representatives of small enterprises. Inquiries on the digital euro, a prospective pan-EU digital currency issued by central banks, were also included (CBDC).
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Only 20% of the general public, according to the survey, is aware of a “digital euro.” It is nearly the same among small business owners, at 23%. But this query was put forth in 2022.
Just 20% of respondents said they would add the digital euro to their existing payment options in 2023, while 65% said they would not. These figures were more favorable to the CBDC a year ago: in 2022, only 58% of respondents said “No” to that question.
The youth (18–24) age group is the most enthusiastic about the digital euro; 36% of them stated they would utilize the money. This percentage gradually decreases as one gets older: it is 31% for people in the 25–34 age range, 24% for people in the 35–44 age range, 18% for people in the 55–64 age range, and only 7% for people over 65.
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The Bank of Spain released a document outlining the characteristics and applications of the digital euro in October. “Does not allow to exploit all the advantages offered by the growing digitalization of the economy and society,” the bank said in reference to the physical cash format. But with the digital euro, electronic payments will become an essential component of the financial system.
Recently, Spain has shown that it is fully committed to the EU’s digital economy agenda by deciding to launch the pan-EU crypto framework, Markets in Crypto-Assets (MiCA), six months ahead of schedule.
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