Deputy Governor of Bank of Spain Highlights Benefits and Plans for the Digital Euro
Summary:
The Deputy governor of the Bank of Spain, Margarita Delgado, discusses the introduction of the digital euro and its potential to address payment barriers, reduce costs for businesses, and increase the availability of payment service providers in Europe. The European Central Bank plans to roll out the digital euro in the eurozone before expanding its retail use. The proposed regulation aims to ensure accessibility and forbids fees for basic services, requiring support for vulnerable groups.
The Deputy governor of the Bank of Spain, Margarita Delgado, recently discussed the introduction of the digital euro during a speech in Pamplona. She emphasized the potential of the digital euro to address cross-border payment barriers, reduce costs for businesses using private payment service providers, and increase the availability of such providers in Europe. Delgado also expressed the belief that the digital euro can coexist with private payment solutions, fostering competition and driving the development of new pan-European payment services. However, she emphasized the need for financial security measures and a common supervisory and resolution authority before the digital euro is launched. The European Central Bank aims to roll out the digital euro in the eurozone first, with plans to expand its retail use beyond the eurozone in the future. Delgado highlighted that the ECB expects payment service providers to offer the digital euro to the general population and provide a physical payment card as part of their services. To ensure accessibility, the proposed regulation also forbids PSPs from charging fees for basic services or imposing contractual agreements for access to the digital euro, while requiring support for vulnerable groups, including human interaction assistance during onboarding and transactions.
Published At
8/25/2023 8:23:40 PM
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