Around one in three Cypriots say they would use the digital euro in their daily lives, despite limited awareness of the new form of money, according to the first islandwide survey published by the Central Bank of Cyprus.
With the first issuance currently expected in 2029, the findings suggest that public education will be crucial, particularly among people who rely more heavily on cash or have less experience with digital tools.
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Awareness Remains Low
Some 61% of respondents say they have no knowledge of the digital euro, while just 1% consider themselves fully informed.
Awareness is higher among people under 65, those with tertiary education and employed respondents. Among those who have heard of the digital euro, awareness is also more common among men, higher-income and more highly educated people, as well as urban residents.
Social media is the leading source of information, cited by 49% of respondents, followed by television at 30%.
35% Would Use The Digital Euro
Despite the knowledge gap, 35% say they are willing to use the digital euro in their daily lives. This is particularly true among people under 45, employed respondents and those with higher education and incomes.
Among potential users, 41% would use it for purchases in physical shops, 40% for online shopping and 33% for person-to-person payments.
By comparison, 28% say they are somewhat or very unlikely to use the digital euro.
Privacy And Cash Are Main Concerns
The biggest concerns are the possibility of transactions being tracked and fears that cash could eventually be abolished, cited by 53% of respondents.
Another 38% are concerned about security, while 25% worry about managing their spending. Some 30% have significant concerns about the ease of using the digital euro.
For businesses, 9% say their willingness to accept digital euro payments would depend on factors such as cost, ease of implementation and demand, while 27% say they would not accept such payments.
