The Governor of the Bank of Spain, Pablo Hernández de Cos, has stated that a digital euro is not the consumer priority, but stressed the need for increased collaboration among central banks to launch such a currency.
In an interview with financial services publication Cinco Días, Hernández de Cos acknowledged that digital currencies held a great promise and had been discussed by central banks as the potential “future of money”. However, he added that the current focus must be on collaborating and partnering with other countries and central banks on the implementation of the concept.
The Governor explained that the Bank of Spain felt that it was vital for all countries involved to be part of the discussion and that the technological frameworks were being discussed on an international level. This he said would ensure the stability and security of a potential digital euro.
Furthermore, Hernández de Cos highlighted the need for collaboration within Europe, describing it as essential to the successful implementation of digital currency projects. He encouraged nations to consider the impacts of digital currencies on international trade and shared a belief that they offered an “impressive potential” to this area.
The Governor concluded by stating that the Bank of Spain was aware of the potential of fast transactions, calling them an “advantage over physical money”. He added, however, that the priority for consumers was ‘convenience, service and security.’