Spain's central bank is fast-tracking research on digital currency 's design and the economic implications of central bank digital currency (CBDC) introduction as per a four-year strategic plan released Friday.
- CBDC researchers will "consider different design proposals" and analyze digital currency's financial and systemic risks for Spain.
- They will also study how "digital identification" relates to CBDC, the plan said.
- This "priority" research will begin this year and carry through the end of 2021.
- A member of the eurozone, the Bank of Spain cannot unilaterally introduce its own sovereign CBDC.
- However, the European Central Bank is currently mulling a digital euro through committee work that includes Spanish central bankers. The future of that work will be determined in mid-2021.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.