Some lawmakers from Spain’s socialist political party have proposed a no law proposal to ramp up the country’s digital token process. It called on the government to form a group of experts to examine the benefits of a digital Euro and the implementation procedure of the virtual currency.
The proposal, which was submitted on 8th June, highlighted two main motives behind their move; the first is to jump the bandwagon of the advanced technology that makes the global and local payments faster than ever, while the second was to push the country to launch its CBDC.
The latter would trigger a deceleration in the use of traditional payment methods, which are quite hard to scrutinize. Another motive behind the proposal is the financial inclusion of all segments of society, arguing that mobile devices to access financial products will be a game-changer.
Besides that, the proposal also highlighted that traditional currency should end, citing public health concerns amidst a pandemic. Despite all this, financial experts have stated that the European nation may not be in a position to launch its digital Euro on its land.
On the other hand, the ECB has stated that it is pushing ahead with its study of CBDCs and clarifies that it will reveal its decision in mid-2021. Yet, some top officials of the institution, including its president Christine Lagarde argued that a CBDC could arrive in the next five years.’
This development comes as several other nations, including China and the Bahamas, have already launched their CBDC pilot projects. But it looks like Spain will have to wait for the ECB decision to launch their CBDC.