The Spanish banking sector will assess the impact of the implementation of a digital euro by the European Central Bank
Finextra reported that a working group consisting of representatives from up to 30 Spanish banks will conduct an in-depth analysis of the technical, operational and business implications of the digital euro and its co-existence with legacy payment instruments.
The study will take place in close cooperation with infrastructure providers Bizum, Iberpay and Redsys. The proof-of-concept project shall be completed before the end of 2022, while the conclusions may be delivered in 2023.
The various digital currency payment use cases proposed by the Eurosystem will be deployed in a controlled production environment within the research. The proposed tests will include the simulated person-to-person remittance of digital euros, payments in e-commerce and physical commerce payments. All digital euro transactions will be based on a present EU financial model where banks are the custodians of their customers’ digital currency accounts.
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