Digital Euro Advantages – Bank of Spain

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The digital euro, according to this proclamation, is poised to revolutionize electronic payments, becoming an indispensable cornerstone of the financial landscape.

In a resounding chorus, Banco de España, the central bank of Spain, joins its European counterparts in acquainting their clientele with the myriad advantages of a digital euro. On October 19, this venerable institution disseminated a concise discourse elucidating the essence and utility of the European Union’s prospective central bank digital currency (CBDC). The central bank contends that physical cash, in its traditional form, falls short in harnessing the full spectrum of benefits arising from the expanding digitalization of our economy and society. In contrast, the digital euro is slated to elevate electronic payments to a paramount position within the financial ecosystem. The authors underscore the tantalizing prospect of offline payments using the digital euro, underlining its privacy features, akin to those of tangible cash. Furthermore, they express reservations regarding online transactions, assuring users that their sensitive data remains confined solely to their financial institutions, shrouded from the prying eyes of the CBDC infrastructure provider, Eurosystem. The project timeline, detailed within the document, envisages the conclusion of the present “preparatory phase,” initiated on October 18, by the year 2025. Nevertheless, a final decision regarding the issuance of a pan-European CBDC is yet to be rendered. Echoing a similar sentiment, the Bank of Finland has also extended its warm embrace to the digital euro. Tuomas Välimäki, a distinguished board member, deems it “the most topical project” in the European payments landscape. On October 25, the European Central Bank (ECB) unveiled a dedicated informational portal about the digital euro, promising to usher in a “simpler existence” and fortify the foundations of a resilient Europe. In an earlier development, during the initial stages of October, the governing council of the ECB heralded the commencement of the “preparatory phase” for the digital euro initiative, spanning two years, with a focused mission to finalize regulatory frameworks for the digital currency and select potential issuers.