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Central bank digital currency (CBDC) in France may appear

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CBDC in Spain

Central bank digital currency (CBDC) in Spain may appear

The CBDC in Spain will end the banking privilege in the money sector as it will be implemented without the involvement of the banking system, according to representatives of the Spanish Socialist Labor Party.

The Spanish Socialist Workers’ Party (El Partido Socialista Obrero Español, PSOE ) has proposed the creation of a national digital currency (CBDC). It has submitted a proposal to Congress to issue a CBDC in response to a reduction in the use of cash, according to El Economista. The politicians’ proposal says that the national digital currency will provide higher liquidity.

“This is a direct mechanism in case of monetary policy easing. Funds will go to current accounts immediately and without intermediaries. They will get into circulation faster,” – the document says.

The Spanish digital currency will end the privilege of banks in the money sector, PSOE representatives believe, but the project will be implemented “without nationalizing the banking system.”

“It is possible that each person will have their own digital money account directly at the central bank. Now, this privilege is provided only to banks, ” – the party said.

We remind you that the European Central Bank is developing a digital euro, but the date of its release is still unknown. In October 2020, the ECB presented four scenarios for issuing a national digital currency. The regulator also named the conditions that are necessary to create a digital euro.

In June 2021, the ECB warned about the problems of monetary regulators in the absence of their own CBDCs.

Recall, according to Morgan Stanley estimates, the emergence of the digital euro will deprive credit institutions of about 8% of the deposit base (€ 873 billion).

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