Findings from the ECB's focus groups say people are likely to accept the digital euro in online stores and brick-and-mortar stores, allowing for easy payments.
European Central Bank executive board member Fabio Panetta said focus groups have suggested the possibility of using the digital currency in online stores and the fact it is gradually gaining popularity.
On March 30, Fabio Panetta said the ECB discovered that the digital payment method had been operational since September 2021. This proves that people are gradually adopting digital Euros to pay in in-person or online stores. He added that all retailers or businesses need to accept this change just like the Fiat Euro did 20 years ago.
euro." Euro banknotes were born to help people pay conveniently at traditional stores in the area. But besides that, the advent of digital currencies will help people pay online wherever they can."
The OCB team found that users are not familiar with the digital euro and that they fear cash will no longer be as popular as it used to be as it used to be as the number of people using the technology is increasing. However, to explain this the members of the group point to the feature of the digital euro with the desire to be widely used for payment on all platforms because of its easy convenience.
In the public consultation that the Central Bank conducted from October 2020 to January 2021, OCB will consider these features in addition to privacy concerns. Panette said the OCB will conduct another focus group on the digital euro by the end of 2022, providing data that can be used to identify relevant policies:
." everyone wants to, so we can look at all the design characteristics of the digital euro before there are any potential releases. And co-legislators have an important role to play, such as to create higher privacy."
The European Central Bank is very interested in the development of the digital euro worldwide. In October 2020, the Central Bank of the Bahamas officially became the first country to issue CBDCs. That same year, China successfully tested the digital yuan for distribution to international athletes for use at the Winter Olympics in Beijing in February 2022.
