The Bank of Spain underscores that traditional physical currency is ill-suited to exploit the advantages presented by the increasing digitization of the economy
In a move that aligns with the ongoing shift towards digital currencies in Europe, Banco de España, the central bank of Spain, has joined a growing chorus of European financial institutions to inform its customers about the potential advantages of a digital Euro. On October 19, the central bank issued a statement detailing the nature and uses of the European Union's Central Bank Digital Currency (CBDC).
The Bank of Spain underscores that traditional physical currency is ill-suited to exploit the advantages presented by the increasing digitization of the economy. In contrast, the digital Euro will play a pivotal role in the financial system by enabling electronic payments.