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Spain’s Central Bank Governor Pablo Hernández de Cos said that a digital euro is not a consumer priority in the current economic climate and called for wider collaboration in the creation of such a currency.
In a recent speech, Hernández de Cos said that the current economic crisis should take priority in terms of economic policy before the introduction of a digital euro. He noted that the introduction of a digital euro should not be rushed and that wide collaboration between the public and private sectors would be necessary in order to achieve lasting success.
He also said that the digital euro should not replicate the current banking system and that it should focus on granting access to responsible and instantaneous digital payments for all citizens.
Hernández de Cos also highlighted the importance of well structured regulation for the digital euro, emphasizing consumer protection and security from illegal activities. He called for the use of existing frameworks such as those used for payments and credit cards, with the consideration of new technologies such as blockchain and distributed ledger technology.
In conclusion, Hernández de Cos argued that the successful implementation of a digital euro would require the collaboration of all stakeholders, including governments, central banks, and private companies. He said this collaboration should involve consultation with all relevant stakeholders so that the digital euro can be safely and effectively introduced.