In early 2021, the European Central Bank (ECB) opened one of its most ambitious public consultations to date, asking Europeans what they expected from a potential digital euro. The response was overwhelming: privacy emerged as the top priority.
More than 8,000 individuals, businesses, and institutions across the euro area submitted feedback to the ECB between October 2020 and January 2021. According to the results, published in April, nearly half of respondents ranked privacy as the most important feature of a digital euro, ahead of security, ease of use, and accessibility.
The consultation came as the ECB’s digital euro investigation phase entered full swing. Policymakers wanted to understand citizens’ expectations and address growing concerns that a central bank digital currency could enable financial surveillance or data misuse. “People must be able to trust that their payments remain private,” said ECB Executive Board member Fabio Panetta, who led the project.
The findings reflected broader European sensitivities about data protection, especially following years of debate over tech giants’ handling of personal information. Many respondents urged the ECB to ensure the digital euro would not allow authorities or intermediaries to monitor individual transactions.
To address these concerns, the ECB began exploring technical solutions for offline functionality — allowing small transactions to be made without internet access and without leaving a trace on central servers. Panetta described this as “digital cash,” combining the convenience of electronic payments with the privacy of physical money.
The European Commission also joined the discussion, stressing that any future legal framework would have to align with the EU’s strict data protection rules under the General Data Protection Regulation (GDPR). The Commission confirmed it was working closely with the ECB to ensure citizens’ rights would be protected.
While privacy dominated public debate, other issues also emerged. Banks and payment providers questioned how the digital euro would coexist with existing systems, while some economists warned of potential risks to financial stability if citizens shifted large deposits away from commercial banks.
By the end of 2021, the ECB had a clearer picture of public expectations: Europeans were open to a digital euro — but only if it mirrored the trust, security, and anonymity of cash. These insights would shape the design work in the following year, as Europe moved closer to a digital future for its currency.