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Spain wants to be the first country in the European Union to have a cryptocurrency - the European Union

Spain wants to be the first country in the European Union to have a cryptocurrency – the European Union

The Spanish government wants to be the first country in Europe and the next in the world, after the Bahamas, to create a public digital currency. This initiative was embodied by the proposed law presented by the Social Democratic Party to the Chamber of Deputies.

In the document, Spanish socialists asked the government led by Pedro Sánchez to promote, together with the Bank of Spain, the creation of a study group to evaluate the implementation of the “digital euro” as a model for a public digital currency (CBDC). Any cryptocurrency issued by a central bank.

The PSOE wants this cryptocurrency to give “financial stability” to the Spanish economy and the eurozone as a whole, “and to restore the character of money as a public good and under democratic control,” according to reports. Spanish.

The main difference between these public digital currencies and those in the private sphere, such as Bitcoin, is their application and functionality. The government ensures that public cryptocurrencies are “more secure than private ones,” which have “high volatility” in prices and a “significant environmental impact.”

A public digital currency proposed by Spanish socialists is being offered as an alternative to payment systems outside the banking system.

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