As the European Union makes headways in its CBDC exploration, Spain formally voices its support for the digital euro, which it says would help build trust and financial independence in the digital realm.
Bank of Spain Deputy Governor Margarita Delgado and EU authorities will spearhead the retail side of digital euro through private payment service providers with possible offerings outside eurozone.
The Spanish central bank’s approval of Monei’s pilot is scheduled to run for six to 12 months, and forms part of an experimental sandbox designed to test new financial products.
The Bank of Spain joins nations exploring CBDCs, with plans to utilize the digital version of its currency, focusing on its pros and cons and analyzing asset liquidation, among others.
The Bank of Spain has requested all banks to provide information related to any digital currency plans they have until 2024, claiming it’s purely for research.
The Bank of Spain announced in June that it would require all virtual asset service providers to register afresh if they want to continue operating in the country.
The Bank of Spain has explained to its customers that cryptocurrencies create a high risk of fraud or theft for which there may be no legal or other types of remedy for consumers.
