Cyprus Residents Remain Skeptical About Digital Euro

A recent survey conducted by the Central Bank of Cyprus found that most people in the country are unaware of the digital euro, with only 1% considering themselves fully informed. The survey, which involved telephone interviews with 506 people aged 18 and above, revealed that 61% of respondents had no knowledge of the digital euro.

The European Central Bank is developing the digital euro as a digital form of money to be issued by the ECB and made available to everyone in the euro area for payments. The first launch of the digital euro is currently targeted for 2029, according to Maria Kontou, writing in a Central Bank of Cyprus blog.

The survey also showed that cash remains the most widely used payment method in Cyprus, with 63% of respondents using credit and debit cards in physical shops every week. However, there are concerns about transaction monitoring and the future of cash dominating public sentiment.