Spain promotes the creation of a public virtual currency
The congress of deputies urges the government, together with the Bank of Spain, to carry out studies to assess the implementation of an official cryptocurrency
The PSOE is encouraging the Pedro Sánchez government to promote the creation of a public cryptocurrency, that is, a Central Bank Digital Currency (CBDC) issued by a central bank that is linked to the euro, which would make it the second state virtual currency in the world .
The initiative was carried out through a non-law proposal registered in the Congress of Deputies where “the Government is urged to promote, in collaboration with the Bank of Spain, the creation of a Study Group to evaluate the possible implementation of a digital euro as a digital public currency.”
The objective, according to what was expressed by the socialist group, is to provide “greater financial stability for both the Spanish economy and the eurozone as a whole, and recover the character of money as a public good and under democratic control.”
The government certifies that public cryptocurrencies are more “secure” and differ from private ones in their application and functionality. According to their arguments, private virtual currencies are characterized by their high price volatility and a very important environmental impact.
The public digital currency proposed by the PSOE would be an alternative for foreign payment systems to the banking system and its main purpose would be to captivate new forms of digital payment that are outside the formal banking circuit, which is known as shadow banking (shadow banking).
There could be many options for the cryptocurrency. One could be a direct currency, with accounts opened directly at the central bank and hybrid or intermediate modalities, maintaining the private means of payments.
M. Rodríguez
Fuente: elespanol.com
