Fabio Panetta, a member of the European Central Bank’s executive board, said focus groups exploring the potential adoption of the digital euro have hinted that the ability to use the digital currency in online and physical stores could be a key feature.
In a written statement released on Wednesday, Panetta broke down the findings of the ECB focus groups on digital payment methods launched in September 2021, which said people are more likely to accept the digital euro accepted in physical and online stores, and allow easy personal payments. payments. All merchants will need to accept the digital euro to see adoption trends similar to those of the fiat euro 20 years ago, Panetta said.
“The introduction of euro banknotes has allowed us to pay with physical euros anywhere in the eurozone,” Panetta said. “Therefore, it is not surprising that people expect to be able to use the digital addition to banknotes wherever they can pay digitally or online.”
The results of the focus groups also hint that many members of the general public and merchants were unfamiliar with the digital euro and feared the phasing out of cash as the number of use cases for the technology increased. However, after the concept was explained to them, members of the general public focus group stated that “wide acceptance in all kinds of physical stores and online” was the digital euro’s most desirable feature, while merchants suggested that high demand would be their most great driver.
The digital euro can only be successful if it meets the payment needs of Europeans, says Fabio Panetta, member of the executive board. The focus groups provided us with key information for the project. Mr. Panetta’s speech https://t.co/XVYfXtmgpN Read report https://t.co/enbOpUWFfl 1/5 pic.twitter.com/euAyFoO24J – European Central Bank (@ecb) March 30, 2022
Panetta added that the ECB will review these features along with privacy concerns in response to a public consultation the central bank held between October 2020 and January 2021. He said that the ECB will conduct another round of focus groups, including the digital euro, towards the end of 2022, providing data that can be used to determine relevant policies:
“We get a clearer picture of what citizens and merchants want, so we can fine-tune all the design features of the digital euro before any potential release. And the co-founders have a key role to play, for example in providing more privacy.”
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The European Central Bank is exploring the development of a digital euro as interest in central bank digital currencies appears to be growing around the world. The Central Bank of The Bahamas was the first country to issue a CBDC in October 2020. China began testing its digital yuan in 2020 and then made it available to foreign athletes at the Beijing Winter Olympics in February.