Spain joins the digital currency boom

The Spanish ruling party (PSOE) has proposed a non legal proposal to introduce a national digital currency to cope with the decrease in the use of real cash, according to the Spanish economist.
The proposal believes that the new payment trend will lead to the privatization and danger of money, which will work to restore the position of currency as a public product, so as to make it more stable and controlled.
The ECB announced plans to launch the digital euro.
Last week, the European Union designated the Bank of Spain and the National Securities Market Commission (cnmv) to regulate the country’s cryptocurrency assets.
Banco de Espa ñ) Carlos coesa, head of financial innovation, said:
“The digital euro project is likely to start this month.”
The ruling Spanish party believes that the national digital currency will allow more liquidity in the system. The bill states:
“When monetary expansion policy is implemented, digital currency can inject liquidity directly into common accounts, thus transferring liquidity to economic activities without intermediary.”
Experts added that if the proposal is adopted, it will help to eliminate inflation limiting brake mechanisms such as money supply.
The ruling party of Spain defines the national digital currency as a digital public currency, which is invisible and can be used for electronic payment completely, and the government support will ensure its security.
The Spanish ruling party said the project would be achieved “without nationalization of the banking system or the nationalization of credit”:
“Digital currency will end the bank’s privilege over money. It is entirely feasible that everyone can have their own digital currency account directly in the central bank. Before that, it was just a privilege for the bank. “

Leave a Reply

Your email address will not be published. Required fields are marked *