Most people in Cyprus remain unfamiliar with the digital euro, while concerns about privacy and the future of cash could limit its adoption. A new survey by the Central Bank of Cyprus (CBC) found that 61% of respondents had little or no knowledge of the project, while only 1% considered themselves fully informed.

The digital euro is being developed by the European Central Bank as a digital form of money that could be used across the euro area both online and offline. Its launch is currently targeted for 2029.

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Cash Still Dominates

Despite the growth of digital payments, cash remains the most widely used payment method in Cyprus. At the same time, 63% of respondents said they use debit or credit cards in physical shops every week, while 23% make online payments or transfers through banking apps.

The survey also found a clear divide in payment habits. Daily cash users were more likely to be older, unemployed or retired and have lower incomes or levels of education. Digital payment users were more often women under 45, university graduates and people with higher incomes living in urban areas.

Only 35% Ready To Use It

When asked whether they would adopt the digital euro, 35% said they were willing to use it in their daily lives, while 28% considered adoption unlikely.

Among potential users, 41% would use the currency for purchases in shops and 40% for online shopping. Another 33% would use it to send money to other people.

However, 56% said they did not expect the digital euro to offer anything genuinely different from existing payment methods, compared with 19% who believed it would.

Privacy Is The Biggest Concern

Privacy emerged as the main obstacle to adoption. Some 53% of respondents worried that their transactions could be monitored and that the digital euro could eventually replace cash. Security was another concern for 38%, while 25% were worried about managing their spending.

Reservations were strongest among older people, women, lower-income respondents and those without higher education. Businesses appear somewhat more receptive. Among business owners, managers and self-employed respondents, 54% said they would accept digital-euro payments without reservations, while 27% said they would not.

The CBC said it will continue raising awareness of the digital euro through media, conferences and seminars as preparations for the project continue.