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Bank of Spain to Weigh Digital Currency Design Proposals, 'Implications' Through 2021
The "priority" research comes as Spain weighs a global pivot to digital economies.
Spain's central bank is fast-tracking research on digital currency 's design and the economic implications of central bank digital currency (CBDC) introduction as per a four-year strategic plan released Friday.
STORY CONTINUES BELOW
- CBDC researchers will "consider different design proposals" and analyze digital currency's financial and systemic risks for Spain.
- They will also study how "digital identification" relates to CBDC, the plan said.
- This "priority" research will begin this year and carry through the end of 2021.
- A member of the eurozone, the Bank of Spain cannot unilaterally introduce its own sovereign CBDC.
- However, the European Central Bank is currently mulling a digital euro through committee work that includes Spanish central bankers. The future of that work will be determined in mid-2021.
See also: Digital Euro Within Decade ‘Very Likely,’ Says Finland’s Chief Central Banker
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
