The Central Bank of Spain has joined other European banking institutions in promoting the benefits of the “digital euro.” In a recent publication, the Bank of Spain explained the potential uses of the European Union’s central bank digital currency (CBDC). The bank argues that physical cash limits the advantages of digitalization in the economy and society, while the digital euro will make electronic payments an essential part of the financial system. The authors highlight the privacy and offline payment capabilities of the digital euro, comparing it to cash. They also assure users that their data will only be visible to their financial institutions and not the CBDC infrastructure provider. The project is currently in the preparation phase, set to be completed by 2025, although the final decision on issuing the pan-EU CBDC has not been made. The Bank of Finland has also expressed support for the digital euro, calling it the most important project in the European payment sector. The European Central Bank (ECB) has shared a link to a landing page providing basic information about the digital euro, promising a more convenient life and a stronger Europe. The ECB’s governing council has announced a two-year preparation phase for the digital euro project, focusing on finalizing rules and selecting possible issuers.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇪🇸 🇫🇮
Sentiment	positive
Relevance Score	1
People	Tuomas Välimäki
Companies	Bank of Finland, Eurosystem, Central Bank of Spain, European Central Bank (ECB), Bank of Spain, European Union
Currencies	None
Securities	None