Spanish Population Shows Limited Interest in Digital Euro, According to Bank of Spain Survey
The Bank of Spain has expressed support for the potential adoption of a digital euro, but a recent survey conducted by Ipsos on behalf of the bank suggests that the country’s population does not share the same enthusiasm for the European Central Bank’s (ECB) digital currency project.
The survey, titled “Study on the habits in use of cash,” was conducted among 1,600 respondents, including the general public and representatives of small businesses. It also included questions about the digital euro, which is a potential pan-EU central bank digital currency (CBDC).
The results revealed that only 20% of the general public and 23% of small businesspeople are aware of the concept of a “digital euro.” Furthermore, when asked if they would use the digital euro alongside their regular payment methods, only 20% confirmed that they would, while 65% said they would not. These figures have changed from a year ago when 58% responded negatively to using the CBDC.
Youth Show Most Interest in Digital Euro
Among different age groups, the study found that the youth (18–24) showed the most enthusiasm for using the digital euro, with 36% stating that they would use it. However, as age increased, interest declined. The proportions were 31% for ages 25–34, 24% for ages 35–44, 18% for ages 55–64, and only 7% for those over 65.
Bank of Spain Promotes Digitalization
In October, the Bank of Spain published information about the digital euro and its benefits. The bank argued that physical cash limits the advantages offered by an increasingly digitized economy and society. The digital euro, on the other hand, would make electronic payments an essential component of the financial system.
Spain has recently demonstrated its commitment to the digital economy by deciding to implement the Markets in Crypto-Assets (MiCA) framework, which is a pan-EU crypto regulation, ahead of schedule.
Hot Take: Limited Awareness and Skepticism Pose Challenges for Digital Euro Adoption in Spain
The results of the Bank of Spain’s survey highlight the limited awareness and skepticism surrounding the digital euro among the Spanish population. With only 20% of the general public and small businesspeople indicating that they would use the digital currency, there appears to be a significant hurdle to overcome in terms of adoption.
Furthermore, the survey reveals a clear generational divide, with younger individuals showing more interest in using the digital euro compared to older age groups. This indicates that efforts should be made to educate and engage older demographics in order to foster broader acceptance of the digital currency.
The Bank of Spain’s promotion of digitalization and early implementation of pan-EU crypto regulations demonstrate Spain’s commitment to embracing digital advancements. However, overcoming public skepticism and increasing awareness will be crucial for the successful integration of a digital euro in Spain’s financial landscape.
Sources: Bank of Spain
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