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In Germany, a vibrant debate is unfolding over the potential introduction of the digital euro, which the European Central Bank aims to roll out by the end of 2025. Despite advancements in digital technology, many Germans remain concerned about the security and privacy of their finances.
Privacy Concerns
With just over a year before the ECB’s final decision on the digital euro, about half of Germans express doubts about using it. The primary concern is transaction privacy. Bundesbank President Joachim Nagel emphasizes the sacred status of cash in German culture.
Amidst these sentiments, a visit to the former bunker in Cochem, where alternative marks were stored during the Cold War, confirmed local residents’ anxieties. Despite the reserve currency being destroyed in 1988, fears about financial security persist.
Technical Solutions for Security
The ECB is developing the digital euro with a focus on maintaining privacy and security. Planned measures include advanced encryption and hashing techniques to protect transactions. Additionally, the digital euro will be available via cards, allowing for offline use, ensuring accessibility for less tech-savvy citizens and vulnerable groups such as asylum seekers.
Furthermore, ECB President Christine Lagarde emphasized that the digital euro is intended to serve as a digital form of cash, coexisting with physical money and leaving no one behind.
Views Across Age Groups
Despite skepticism from the older generation, younger Germans are less concerned about privacy. Research shows that one-third of people over 65 would refuse to provide personal data online, compared to only 10% of people aged 18 to 24.
Bundesbank chief Nagel is optimistic about the benefits of the digital euro and hopes to convince the older generation that cash will not disappear.
Prospects and Adaptation
The visit to the Cochem bunker, where alternative marks were once stored, reflects the skepticism some Germans have about the digital euro. However, tour organizer Hans Heinrich Kleppel notes that adapting to new technologies is inevitable.
“You can’t close yourself off from this,” Kleppel said. “You have to adapt to new developments.”
Джерело: Bloomberg
