The Spanish central bank released a note on the European central bank digital currency, the digital euro, and marked its many benefits.
In August 2023, the Deputy Governor of the Bank of Spain spoke positively about the digital euro project. The bank has been positive on the European central bank digital currency (CBDC) for some time. They published a note recently which confirms their affirmation of the digital euro.
The note analyzed the detailed benefits and use cases of the digital euro. The Spanish central bank noted how physical cash wasn’t enough to utilize the economy’s digitization. However, it went on to say the digital euro was essential for the financial system. It stated the digital euro would strengthen the European economy and make it independent.
Further, it went over the offline use cases of the CBDC, which could be beneficial. The offline feature of the digital currency would enable smooth transactions without internet networks, it said. The offline privacy feature of the digital euro would be similar to cash. On the other hand, it described how the online digital euro could be transacted like usual electronic payments.
Meanwhile, it appreciated the recent actions of the European Central Bank (ECB), which could implement the digital euro soon. The ECB had recently decided to start the next phase of the project.
“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 that would ensure access to public money with all its guarantees, also in an increasingly digital environment,” said the Bank of Spain in its concluding statements.
Moreover, Spain has seen the number of its crypto investors increase in 2023, indicating firm crypto adoption. The country’s evolution as a crypto hub has been a bright spot for the European crypto space.