The ‘digital euro’: the cryptocurrency with which the five major Spanish banks intend to overshadow Bitcoin

Technology News

These are days when banks give news that can affect us all. In addition to the merger between CaixaBank and Bankia, which is already underway, and which would lead to the emergence of the largest bank in Spain, we must also add the project of creating a ‘digital euro’ .

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Behind this aspiration are the five major Spanish banks – perhaps four in the near future -: BBVA , CaixaBank , Santander , Banco Sabadell and Bankia . The umbrella that encompasses them all, and who will pilot such an ambitious goal, is Iberpay, the Spanish payment services company, owned by a good number of financial institutions, including those already mentioned.

According to CincoDías – the economic supplement of El País – published, the first tests to start operating with this digital money could be carried out between September and October . In fact, they are late, because the original idea was to start the trial in August. As in so many other aspects, the health crisis forced things to change.

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Already in a 2019 Iberpay report, and echoed in the aforementioned article, it was pointed out that they were working on the launch of a ‘tokenized’ digital money model . It would be “focused on the issuance of tokens by Iberpay, from a common sector account, whose funds, which would be owned by the company, would act as backup for the digital money issued, which would, in turn, be distributed, where appropriate, to the clients of financial entities ”.

They further affirm that the evaluation has been carried out from a legal point of view and that the ‘digital euro’ project has all the blessings.

The digital euro has the approval of the Bank of Spain
The issuance of the ‘digital euro’ would be in charge of the European Central Bank (ECB) which, at the end of last year, reported that it was studying the option of launching an alternative to cryptocurrencies , in general, and to Bitcoin in particular. The goal was to create a digital currency, which was based on cryptography, the so-called, Central Bank Digital Currency, that would benefit from blockchain technology .

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The project of the ‘digital euro’ of the five large Spanish banks , they point out in CincoDías, would already have the approval of the Bank of Spain which, for the moment, as they themselves assured, will be limited to observing how the test is developed and analyzing what how the sector adapts to these novel technologies

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