Pablo Hernández de Cos, the Governor of the Bank of Spain, recently addressed the need for a digital euro, amidst Europe's advanced and efficient payment systems. Despite the rapid initiation of the European Central Bank's (ECB) project for a Central Bank Digital Currency (CBDC), it faced slowdowns due to legislative proposals and political opposition, including concerns over privacy and state control. Hernández de Cos emphasized that a CBDC should safeguard financial stability and monetary policy. While a digital euro isn't seen as urgently needed, the governor affirmed the importance of continuing its development. He stated it's a collective responsibility to ensure the robustness of payment systems, thus justifying ongoing efforts in this direction.
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