Despite Bank's Push, Spaniards Show Tepid Interest in Digital Euro: Survey Reveals
Summary:
Despite the Bank of Spain's interest in a digital euro, a survey shows Spanish citizens and small business representatives lack similar enthusiasm. The study revealed only 20% of the public and 23% of business representatives are aware of the "digital euro" concept. Additionally, only 20% said they would use this digital currency, with 65% refusing the idea. Young adults showed the most interest, while older generations remained hesitant. Regardless, Spain moves forward with digital currency initiatives, including early implementation of a pan-European crypto framework.
Despite the Bank of Spain's growing interest in adopting a digital euro, it seems the Spanish populace doesn't share the same enthusiasm towards the European Central Bank's digital currency scheme. This sentiment is evident from the findings of a survey released by the Bank of Spain, labeled as the "Study on the usage habits of cash." The study was facilitated by Ipsos and involved two distinct groups, amassing 1,600 participants - an average population and representatives from small-scale enterprises. The survey also incorporated queries about the digital euro, a potential unified European Union central bank digital currency (CBDC). The investigation discovered that only a mere 20% of the common populace is aware of the "digital euro." The percentage is slightly higher among small business representatives, at around 23%. Notably, this inquiry was made in 2022. Relatedly, in 2023, only 20% avowed they would utilize the digital euro in supplement with their routine payment mechanisms, while a significant 65% disapproved. In contrast, the previous year saw more favor, with only 58% negatively responding. The demographic showing the largest support for the digital euro is the young adult bracket (18-24), with 36% expressing their interest to use the currency. This rate gradually subsides with increasing age: 31% within 25-34, 24% within 35-44, 18% within 55-64, and a meager 7% for those exceeding 65 years of age. In previous news from October, the Bank of Spain elucidated on the concept and functionality of the digital euro. The bank stated that traditional cash "doesn't fully exploit the benefits promoted by the escalating digital revolution in economics and society." Conversely, the digital euro is set to infuse electronic transactions as an integral part of the financial system. Recently, Spain has shown an unwavering resolve towards the EU's objective concerning the digital economy and decided to employ the Markets in Crypto Assets (MiCA), a unified EU crypto infrastructure, half a year ahead of the overall deadline. Magazine features the awe-inspiring success story of Polygon's Sandeep Nailwal, a definitive example of rising from rags to riches.
Published At
11/1/2023 8:31:24 AM
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