The Spanish bank Banco de España accepts the digital euro
Banco de España has backed the digital euro. The digital euro promises offline payments and privacy similar to cash. European central banks, including the Bank of Finland, support the digital euro project.
Spain's central bank, the Banco de España, is making a major move towards digitization, joining its European counterparts in introducing the digital euro.
This initiative aims to change the way financial transactions are carried out, providing various benefits to consumers and businesses.
A new era in finance with the digital euro
Banco de España has joined the growing chorus of European central banks in supporting the digital euro, a central bank digital currency (CBCC).
Traditional physical cash, like central banking, is less able to take advantage of the benefits offered by an ever-increasing economy and society. In turn, the digital euro will become an integral part of the financial system, paving the way for electronic payments to be integrated into everyday financial transactions.
The “preparatory phase” of the digital euro project, which began on October 18, is expected to continue until 2025. It is important to emphasize that the final decision regarding the provision of a pan-European CBCC has not yet been made.
As more and more people are choosing to pay digitally, we want to offer a digital form of certified central bank money that is similar to cash.
That's what the digital euro will be.
Why is it so important for Europe? Find out more #digitaleuro pic.twitter.com/M7EMpWsTrQ
— European Central Bank (@ecb) October 25, 2023
The Bank of Finland has expressed its support for the digital euro, demonstrating its importance in the European payments sector. In addition, the European Central Bank has launched a dedicated information page to inform the public about the benefits of the digital euro, promising a “simpler life” and a “stronger Europe”.
As the Digital Euro project matures, it promises to revolutionize the way financial transactions are conducted, with improved privacy, offline payment capabilities and a seamless transition to the digital financial age.
Key benefits of the digital euro
One of the best known features of the digital euro is its ability to facilitate offline payments. Users can perform transactions even without an internet connection, which increases its versatility and accessibility.
Another advantage is the level of privacy offered by the digital euro. We hope that the digital euro will address concerns about data security and user anonymity. In particular, when using Digital Euro Online, the user's data is only retained by their financial institutions and not by the central bank infrastructure provider Eurosystem.
