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Bank of Spain or Banco de España plans to introduce electronic payments and make this a major part of the country’s financial system. For this plan, it is preparing to launch its digital euro, and for it to be accepted by the locals, it started a campaign to explain the benefits of going digital with currencies.
This move of Spain’s central bank shows it is the latest European nation to embrace the digital currency, effectively hopping on the digital euro bandwagon. Moreover, it has joined the ensemble of banking institutions in the region that prepare their customers for the adaption and benefits of using digital euro.
Purported Benefits of Digital Currency Shift
Bank of Spain reportedly released short content last week to explain the essence and uses of the European Union’s possible central bank digital currency (CBDC).
According to CoinTelegraph, the central bank also claimed in the note that the tangible or physical format of money “does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.”
On the other hand, the digital euro will turn electronic payments into an important part of the financial system. To further convince customers, the authors of the text also underlined the other advantages of the digital euro compared to offline payments, such as the higher level of privacy.
They added that in online transactions, users’ data are only visible to financial institutions, not the Eurosystem, the CBDC’s infrastructure provider.
The Preparation Phase
Kitco News further reported that in the published text, it was also mentioned that the planned implementation of the digital euro is currently in the “preparation phase,” they expect this to be completed by 2025.
“These preparations are multiple and complex in nature, not only for the Eurosystem but also for legislators,” the authors stated. “The objective is clear: to be able to complement the range of payment solutions available to citizens, including cash. The digital euro would be an additional option to ensure access to public money with all its guarantees, also in an increasingly digital environment.”
Photo by: Ibrahim Boran/Unsplash
