The Spanish government wants to be the first country in Europe and next in the world after the Bahamas to create a publicly available cryptocurrency. The initiative was implemented through a bill presented by the PSOE to the Congress of Deputies.
In the document, the Spanish socialists ask the government led by Pedro Sánchez to help, together with the Bank of Spain, create a research group to evaluate the implementation of the digital euro as a model of the digital state currency (CBDC). ). That is, a cryptocurrency issued by a central bank.
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,” reports The New York Times. Spanish…
The main difference between these publicly available digital currencies and private sector currencies like bitcoin is their application and functionality. The government guarantees that public cryptocurrencies are “safer than private ones”, which have “high volatility” in price and “significant environmental impact.”
The public digital currency proposed by the Spanish socialists is presented as an alternative to payment systems outside the banking system.
