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Spain’s central bank, Banco de España, joins a host of European banking institutions preparing its customers for the potential benefits of the EU’s CBDC – the digital euro.
In a recent blog, the Spanish central bank shares all the potential benefits of introducing a central bank digital currency (CBDC). It further explains the nature and uses of the European Union’s potential CBDC.
As more and more people are choosing to pay digitally, we want to offer a digital form of central bank money with the same guaranteed value as cash.
That’s what a digital euro would be.
Why would it be so important for Europe? Find out more https://t.co/uNeB5sZtHa #digitaleuro pic.twitter.com/M7EMpWsTrQ
— European Central Bank (@ecb) October 25, 2023
Spanish Central Bank Prepares Customers for Potential CBDC
The bank explained what a potential digital euro offers and what advantages it brings:
“Since their introduction in January 2002, euro banknotes and coins have been the representation of our single currency and the only means of public payment available to all citizens of the eurozone. The physical format of cash, however, does not allow us to exploit all the advantages offered by the growing digitalization of the economy and society. This has led the Eurosystem to analyze the possibility of issuing a digital euro as a complement to cash.”
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Author: Jana Serfontein
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