Cryptocurrency, News & Updates

Central Bank of Spain Highlights Cryptocurrency Research

Spain’s Central bank, Banco de España, has released its strategic plan from 2020 to 2024, which then highlights the priorities for the coming four years.

Adding to the analyzing of the European Central Bank’s policies and trends in the Spanish economy, the Bank of Spain will look into a CBDC.

The plan, however, does not go into much detail on the CBDC efforts. On the other hand, it further contends that the CBDC research is a priority having the theme of “New Technologies and Information Sources.”

The plan conditions: “The implications for the financial system and the economy as a whole of the introduction of a central bank digital currency will be analyzed, considering various design proposals and including aspects relating to digital identification.”

Spain didn’t issue its cryptocurrency. And it is unlikely that the bank is then curious about publishing a digital peseta.

In September 2017, then ECB president Mario Draghi criticized Eurozone member Estonia’s idea of issuing its digital currency. “No member state can introduce its own currency,” Draghi addressed reporters. “The currency of the eurozone is the euro.” The following year, the Estonian government denied ever having plans to issue “estcoin.”

Now, the ECB is being led by Christine Lagarde, who is much more interested in digital currencies than Draghi was. With her leadership, the ECB has trademarked the “digital euro.” It has been recently published a comprehensive report on the ECB-issued digital currency and had launched the consultations with the public regarding the implications of a CBDC.

Yet, that’s still for a digital euro, and not a digital peseta.

The Director-General of Banco de España, Juan Ayuso Huertas is relatively active on this front. He is also a member of the High-Level Task Force on CBDC, which then produced the digital euro report.

In a few months of this year, Ayuso and Carlos Conesa, an associate director at the central bank, had published a report for the Bank of Spain entitled “An Introduction to the Current Debate on Central Bank Digital Currency.”

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